Crypto Industry News:
The Bank of Thailand has revealed that it will delay the testing phase of its central bank's digital currency until the end of 2022. Thailand plans to use the domestic digital currency as an alternative cash payment option.
Although the central bank has not given the reason for the delay, it still intends to use the pilot project to evaluate the use of CDBC to replenish cash transactions with limited skills.
In the pilot phase, some financial institutions and around 10,000 users will test the digital currency for online and offline transactions such as deposits, withdrawals and transfers of funds.
Commenting on the development, Bank of Thailand deputy director Kasidit Tansanguan said that after consulting relevant partners, he would act slowly to ensure efficiency:
"Thailand can still take a gradual step in CBDC retail to ensure efficiency and caution. It is currently facing a problem with money transfers and payments, like some other countries."
Tansanguan noted that BOT intends to use CBDC to lower financial costs and not compete with crypto assets and stablecoins.
Earlier this month, the Bank of Thailand warned local banks and financial institutions to refrain from trading digital assets, adding that it did not support the use of cryptocurrencies as a medium for the exchange of goods and services.
In another report, Indonesia's central bank announced plans to launch CBDC to combat cryptocurrencies such as Bitcoin and Ethereum.
Technical Market Outlook
The ETH/USD pair has been rejected from the level of $4,121 again, so the key short-term technical resistance has not been broken yet. After the failure, the market is approaching the lower consolidation level seen at $4,016. 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 - $4,862
WR2 - $4,406
WR1 - $4,271
Weekly Pivot - $4,012
WS1 - $3,876
WS2 - $3,618
WS3 - $3,465
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.