Crypto Industry News:
On Tuesday, eurozone banks announced plans to launch a wholesale central bank digital currency (CBDC). The main goal is an innovative solution for settling transactions on financial markets. Francois Villeroy de Galhau, head of the French central bank, emphasized that wholesale CBDC is developing faster than the digital currency for ordinary citizens.
The wholesale initiative is a response to market needs. However, the plan to introduce a digital euro for citizens faces numerous difficulties and controversies. Politicians express concerns about privacy and the potential impact on commercial banks.
During an event in Paris, Villeroy de Galhau explained: "The Eurosystem has started research on new technologies for bank currency settlements, including the first type of tokenized CBDC." He added that the criteria will be published in the coming weeks and interested parties will be able to apply for the experiments.
The main advantage of this solution is the ability to manage the money supply in the economy. This is intended to facilitate inflation control and financial stability. The assumption. The Central Bank is also exploring alternative protocols and blockchain technology. They also plan to introduce their own DL3S system for securities settlements.
Research suggests that a financial market based on distributed ledger technology could save as much as $100 billion annually. These would result from process automation and better security management.
Technical Market Outlook:
The ETH/USD pair continues to move lower after a sharp reversal from the level of $1,752. The intraday technical support is seen at $1,600 and $1,582. The momentum broke below the level of fifty and is currently negative, so the down move might extend more, event towards the level of $1,562 and $1,530. The intraday technical resistance is seen at the level of $1,636.
Weekly Pivot Points:
WR3 - $1,765
WR2 - $1,743
WR1 - $1,731
Weekly Pivot - $1,721
WS1 - $1,708
WS2 - $1,699
WS3 - $1,676
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.
