Crypto Industry News:
Chinese news agency Xinhua will release its first series of NFT tokens. The move is a "nod" to blockchain technology that was previously avoided by the People's Republic of China. According to the official announcement, Xinhua plans to publish 10,000 copies of 11 photos taken by journalists in 2021.
The step towards the NFT is puzzling in light of recent developments in the world's second largest economy. After a nationwide crackdown on cryptocurrencies that banned cryptocurrency mining, China recently addressed the NFT and metaverse by proposing that they be closely monitored. Despite the sentiment to the fight against cryptocurrencies, tech giants Tencent and Huawei were not discouraged from searching for trademarks in the metaverse.
In early December, some sites in Beijing went offline as part of a wider battle against cryptocurrencies. Chinese crypto media kept their website traffic low and instead focused on growing communities on Twitter and Telegram.
Technical Market Outlook
The ETH/USD pair had broken above the key short-term trend line resistance located at the level of $4,000, tested it from below and made another local high at the level of $4,152. The momentum is positive and strong, so the next target for bulls is technical resistance located at the level of $4,224. The larger time from trend, like daily or weekly remains up and there is no sign of trend termination or reversal. The game changing level is the technical resistance located at $4,224.
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.