Crypto Industry News:
2021 turned out to be the year of cryptocurrency adoption, with institutional investments in cryptocurrencies and millennials turning into millionaires made headlines.
A new survey revealed that the majority of Gen Y millionaires have invested a significant portion of their portfolio in cryptocurrencies and plan to continue their cryptocurrency investments in 2022. The survey included investors with assets of $ 1 million or more, and 83% of millionaires surveyed revealed that they had made investments in cryptocurrencies.
53% of all survey respondents said 50% or more of their wallet is cryptocurrency. Nearly a third of respondents have invested at least three-quarters of their wealth in crypto assets. While the survey results may come as a surprise to many, those who followed the 2021 crypto boom would know how the TikTok generation of investors made millions of dollars in meme cryptocurrency investments.
The study also revealed a huge generation gap in terms of investment. On the one hand, millennials invest up to 50% of their wealth in cryptocurrencies, while on the other hand, only 4% of the older generation have invested in digital assets and only a quarter of Generation X owns cryptocurrencies.
George Walper, president of the Spectrem Group who conducted the survey, said the growing interest of a new generation in the emerging cryptocurrency market could prove to be a problem for wealth managers. He believes these traditional managers would need to rethink their approach to future investors.
Technical Market Outlook
The ETH/USD pair is approaching the key short-term trend line resistance located at the level of $4,055. The momentum is positive, but as long as the price is below the trend line the bears are still in control of the market. The nearest technical resistance is located at the level of $3,913 and $3,954. The larger time from trend, like daily or weekly remains up and there is no sign of trend termination or reversal.
Weekly Pivot Points:
WR3 - $4,968
WR2 - $4,711
WR1 - $4,167
Weekly Pivot - $3,888
WS1 - $3,641
WS2 - $3,370
WS3 - $3,122
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.