Crypto Industry News:
Nouriel Roubini, a professor at New York University who often targets cryptocurrencies, made an unexpected twist. Now he advises a project that includes... a cryptocurrency token. This project, called ATLAS (Asset Trust for Land, Adaptation, and Sustainability), is an innovative approach to investment. Its goal is to create a portfolio resistant to climate change.
The fintech company ATLAS is behind the newly created token. She declares that she is working on an ETF and an index fund at the same time. All this to improve the investment results of retail investors in the face of a warming climate. On its website, ATLAS informs that the ETF will be launched in early 2024. However, no timetable was provided for the index fund or token.
ATLAS products are described as "digital currency for times of crisis". Although their real effectiveness has not yet been tested, the company reportedly has data from backtests. He believes that a solution to the loss of cash value has been found. Moreover, ATLAS declares that it is able to exceed the interest rates found on savings accounts found in banks.
Cryptocurrencies have often been targeted by Roubini in the past. After the FTX scandal broke, he expressed an extremely critical opinion. During the financial week in Abu Dhabi, he made negative comments about influential figures in the crypto industry. He described the entire ecosystem as "totally corrupt."
It is still unclear how the token or blockchain will contribute to mitigating climate change. Just like how they are supposed to build a better portfolio for retail investors. ATLAS says the token will "direct capital towards climate finance" and is "inflation protected."
It is also unknown what cryptocurrency they will use to create the token. Taking into account the voices of environmentalists about the energy consumption of Bitcoin and Ethereum, this choice may cause considerable controversy.
Technical Market Outlook:
The ETH/USD pair had finally made a new swing high at the level of $1,923 after bulls got rid of the problem to break above the level of $1,911 that had been tests multiple times. The next target for bulls is seen at the level of $2,027 and $2,140, but for now the market is consolidating the recent gains around the last high. The intraday technical resistance is seen at $1,923 and the intraday technical support is seen at $1,900. The momentum remains strong and positive, however, the Bearish Divergence is seen on the H4 time frame chart already.
Weekly Pivot Points:
WR3 - $2,133
WR2 - $1,988
WR1 - $1,930
Weekly Pivot - $1,852
WS1 - $1,794
WS2 - $1,717
WS3 - $1,584
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.
