Crypto Industry News:
The digital Yuan continues to gain widespread use in Chinese society. The China Securities Regulatory Commission (CSRC) has officially approved the use of Central Bank Digital Currency (CBDC) in the securities market.
According to a report by a Chinese online portal, eligible investors can now use the digital Yuan to "buy financial products such as public funds."
This means that soon all Chinese investors will be able to use e-CNY to buy securities also on the stock exchange. They will be able to do it directly from their smartphones at any time of the day or night.
Investors will also be able to access the 'pay as settlement' feature, which allows for redemption and withdrawal one day in advance. CSRC touts e-CNY's functionality, saying it has loadable smart contracts, is traceable, and cannot be illegally counterfeited and copied.
No release date has been given for this new feature, and it is likely to be rolled out in phases, starting with a pilot for "authorized users". CSRC is expected to eventually roll out the service in all cities and provinces that are currently piloting the digital Yuan.
Technical Market Outlook:
The ETH/USD pair has broken below the short-term trend line support around the level of $1,805 and is approaching the swing low seen at $1,739. The local low was made at the level of $1,761 (at the time of writing the article), but the market is still under the bearish pressure. The momentum reversed from the extremely overbought levels as well, but only a sustained breakout from the range would trigger some bigger moves either to the upside or downside. The bigger time frame trend remains down.
Weekly Pivot Points:
WR3 - $1,848
WR2 - $1,826
WR1 - $1,817
Weekly Pivot - $1,803
WS1 - $1,795
WS2 - $1,780
WS3 - $1,758
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
