Crypto Industry News:
The growing interest in cryptocurrencies also makes them loud in the centers of power. Individual countries are considering different approaches to cryptocurrencies, knowing that the topic is so large that it can no longer be ignored. El Salvador, a country in Latin America, has shown that the introduction of BTC as a legal means of payment is very realistic.
It turns out that one of the representatives of the German Bundestag, Joana Cotar, is not only a great supporter of bitcoin, but also an agitator of introducing it as a legal means of payment. The project is at the preliminary planning stage. Nevertheless, Cotar wants to initiate preliminary studies of the legal framework. This is intended to be a prelude to the recognition of BTC as legal tender in Germany.
Joana Cotar emphasizes that the project requires a lot of work. First of all, legal security must be guaranteed for both companies and citizens. Cotar emphasizes that it is extremely important to combat potential risks in this context. This is about money laundering, tax evasion and other illegal activities related to bitcoin. According to the Bundestag representative, the regulations being introduced will not suppress innovation and the freedom aspects of bitcoin.
It is worth adding that in order to raise awareness on this matter and encourage discussion in the German parliament, Cotar has launched an initiative. The "Bitcoin in the Bundestag" project aims to help educate German parliamentarians about the benefits of bitcoin. This, in turn, will translate into more conscious decision-making in this matter. Joana Cotar clearly indicates that her activities focus only on Bitcoin, as she is completely uninterested in other assets on the market.
Technical Market Outlook:
The ETH/USD pair has bounced from a low seen at the level of $1,902, broke above the 50 MA at $1,994 and is heading higher towards the next target. The intraday technical resistance is seen at the level of $2,080 and the intraday technical support is seen at the level of $1,931. The momentum is strong and positive, so the short-term outlook for ETH remains bullish as the local corrective cycle continues. The key short-term technical support for ETH is seen at the level of $1,911 and only a clear and sustained breakout below this level would change the short-term outlook to bearish.
Weekly Pivot Points:
WR3 - $2,298
WR2 - $2,208
WR1 - $2,086
Weekly Pivot - $1,996
WS1 - $1,873
WS2 - $1,783
WS3 - $1,661
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.
