Crypto Industry News:
Hong Kong is opening up to cryptocurrencies again. Proof of this is the operation of one of the largest banks, i.e. Hong Kong and Shanghai Banking Corporation (HSBC). This bank has officially launched an ETF program based on BTC and ETH.
Interestingly, BlackRock and other asset trading companies apply for the same fund in the US. Cryptocurrencies are increasingly entering traditional finance, and Hong Kong does not intend to stay behind.
Since the beginning of June, Hong Kong has been open to cryptocurrency exchanges. This is, of course, the aftermath of the situation on the other side of the Pacific. Hong Kong wants to show that Asia is a great place to develop cryptocurrencies.
This thesis is confirmed by the recent actions of the largest Hong Kong bank, i.e. HSBC. An ETF fund based on Bitcoin and Ethereum has been created. It is worth noting that this coincided with the decision of the Hong Kong Securities and Futures Commission (SFC) to lower the requirements for retail investors.
HSBC focuses not only on the implementation of digital assets, but also on appropriate education. Well, this bank recently launched the Virtual Asset Investor Education Center. This program is designed to protect investors from the dangers and pitfalls that may be lurking in the cryptocurrency markets. It is worth adding that people who want to use the services of digital assets offered by HSBC must familiarize themselves with educational materials in advance. Then you need to confirm that they understand the risks associated with the cryptocurrency market and digital assets.
It is worth noting that the largest Wall Street players, such as BlackRock, are trying to open an ETF fund, such as in Hong Kong. Asia is clearly trying to take advantage of the turmoil in the US, which is related to the chaos caused by the activities of the SEC.
Technical Market Outlook:
The ETH/USD pair has bounced from the 100 MA on the H4 time frame chart, that now will act as the intraday technical support around the level of $1,832. The bulls are clearly in control of the market and they trying to resume the up trend again. The momentum turned into positive on the RSI (14) indicator, so the short-term outlook for ETH remains bullish. The short-term technical support is seen at the level of $1,816 and $1,777.
Weekly Pivot Points:
WR3 - $1,958
WR2 - $1,919
WR1 - $1,898
Weekly Pivot - $1,881
WS1 - $1,859
WS2 - $1,842
WS3 - $1,809
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.
