Crypto Industry News:
Hong Kong has decided to take another step towards becoming the leading hub for cryptocurrencies and blockchain technology. The Hong Kong government has announced the appointment of a special team to deal with Web3 projects.
The Web3 Development Task Force is to safeguard the ethical growth of Web3 projects in Hong Kong and at the same time help implement innovative technologies into everyday life. Asia clearly wants to take advantage of the blockchain opportunity that has appeared before it.
The appointed team consists of 15 industry participants and 11 key government officials, including Hong Kong's financial secretary, Paul Chan. In addition, there are also 15 independent members in the group, such as industry experts. The Web3 Development Task Force will have two years to complete its work.
It is worth noting that Paul Chan, Hong Kong's Finance Secretary, is a big supporter of cryptocurrencies and blockchain technology. He argues that the city must take advantage of the "golden opportunity" Web3 brings. According to Chan, Hong Kong is now aiming to lead and drive innovative exploration and development, creating new application models.
Technical Market Outlook:
The bulls are clearly in control of the ETH market and they resumed the up trend again and made the last high at the level of $1,974. Currently, the bulls are consolidating the recent gains, but the next target for bulls is seen at the level of $2,020. The momentum turned into positive on the RSI (14) indicator, so the short-term outlook for ETH remains bullish, however the market conditions on the lower time frames are now extremely overbought. The short-term technical support is seen at the level of $1,816 and $1,777.
Weekly Pivot Points:
WR3 - $2,044
WR2 - $1,999
WR1 - $1,980
Weekly Pivot - $1,954
WS1 - $1,935
WS2 - $1,909
WS3 - $1,854
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.
