Crypto Industry News:
German savings banks plan to allow clients to invest in leading digital currencies such as Bitcoin and Ethereum directly from their accounts.
Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot of the launch of an internal cryptocurrency wallet and exchange next year, a local business magazine reported.
The pilot project is subject to approval by the Sparkasse committees in early next year, while the banking association intends to develop related services in early 2022.
A spokesman for the German Savings Association confirmed the news.
"More and more consumers are interested in cryptocurrencies. One in ten customers of German savings banks claim to own or have owned cryptocurrencies. Given their expectations, the Financial Group of Savings Banks must also look at cryptocurrencies," he said.
The representative added that a group of experts from the German IT service provider S-Payment "is currently exploring ways to provide options to securely store cryptocurrencies in a wallet for selected customers."
Technical Market Outlook
The ETH/USD pair has made another lower low at the level of $3,666 as the bears approach the key short-term technical support. The bulls had manage to bounce back up locally towards the technical resistance located at $4,913 so far. In a case of a further move down, the next target is seen at the swing low at the level of $3,438. Moreover, in order to extend the bounce, bulls need to test and break through the short-term trend line resistance located at the level of $4,300 and head towards the level of $4,435. Despite the extremely oversold market conditions at the H4 time frame, the bears are still on control of the market.
Weekly Pivot Points:
WR3 - $4,978
WR2 - $4,721
WR1 - $4,397
Weekly Pivot - $4,163
WS1 - $3,831
WS2 - $3,582
WS3 - $3,258
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.