Key Highlights:
- - Ethereum breaks above technical resistance, sustaining an upward trend.
- - Cryptocurrency industry's significant increase in federal lobbying spending in 2023.
- - Technical market outlook for ETH/USD and key support/resistance levels.
Crypto Industry News:
The cryptocurrency industry sets a new record for federal lobbying spending, reaching $18.96 million in the first three quarters of 2023, compared to $16.1 million in the same period last year. Coinbase leads, allocating $2.16 million, emphasizing the industry's efforts to build relationships and shape regulatory frameworks. Despite challenges, lobbying aims to navigate regulatory scrutiny, particularly from the U.S. SEC.
- Lobbying Surge: Cryptocurrency companies intensify lobbying efforts, responding to increased regulatory attention, notably from the SEC. The industry rallies for regulatory clarity, pushing for a Bitcoin spot ETF approval, a potential game-changer.
- Legislative Push: U.S. crypto firms drive legislative processes, influencing congressional committees to pass bills addressing financial rules for the crypto sector. Despite pending laws, lobbying persists as Coinbase plans ongoing dialogues with legislators.
- Challenges and Opportunities: The industry faces hurdles, including FTX's collapse and SEC lawsuits. Yet, lobbying continues to shape regulations, reflecting the industry's determination and resilience.
Technical Market Outlook:
The ETH/USDT pair hits a new high at $2,311, sustaining an upward trend within a Linear Regression Channel. A Bearish Sandwich pattern warns of potential pullback, with dynamic support at $2,217 and $2,185. Despite overbought conditions, the up trend targets $2,445, while $2,234 remains a critical short-term support level. Traders should note a potential Bearish Divergence, signaling caution.
- Ascending Channel: Ethereum remains within an ascending Linear Regression Channel, signaling continued bullish momentum.
- Critical Support: $1,368 serves as crucial support; Ethereum's overall bullish outlook persists as long as prices stay above this level.
- Bearish Warning: Bearish Sandwich and potential Bearish Divergence hint at a possible internal pullback, urging caution for bullish traders.
Weekly Pivot Points:
- WR3 - $2,621
- WR2 - $2,422
- WR1 - $2,323
- Weekly Pivot - $2,183
- WS1 - $2,104
- WS2 - $1,964
- WS3 - $1,745
Trading Outlook:
Ethereum's climb from $1,520 maintains a bullish trajectory. Key support at $1,368 is pivotal, ensuring an optimistic outlook as long as Ethereum trades above this level. From a technical market perspective, the ETH/USD pair has exhibited a strong upward trend, reaching a new swing high at $2,311. However, caution is advised as a potential internal pullback is anticipated, indicated by a Bearish Sandwich candlestick pattern. The market's bullish momentum is further supported by the ascending Linear Regression Channel, with key short-term technical support at $2,234.
In conclusion, Ethereum's market outlook remains bullish, with pivotal support at $1,368. As the industry continues to navigate regulatory challenges and market fluctuations, Ethereum's resilience and growth trajectory position it as a key player in the evolving cryptocurrency landscape.
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Important:
The beginners in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focuses and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
