Crypto Industry News:
Metaverse, the digital world created by combining virtual reality (VR), augmented reality (AR) and the Internet, is based on the move to new "immersive hardware interface platforms," one US bank wrote in its report. The bank is more positive about VR than AR as utility products already exist and expects more hardware to be developed in the near future.
According to the report, the "main race" of VR is between Apple and Meta. While the digital giant is likely looking to expand its ecosystem, Meta is looking to build a user base with "attractive hardware prices and unique experiences." Still, while the technology of the VR platform is becoming more and more advanced, this category has so far "not rebounded from a broad user base."
VR platforms are set to evolve rapidly by 2023, and sales of these products will depend on the application consumers derive from their use, the note said. It has also been added that VR can become an integral part of remote work.
The bank expects Meta Platforms to launch its Quest Pro product this fall, and Apple expects to launch its own product in early 2023.
Technical Market Outlook:
The ETH/USD pair had managed to retrace 38% of the last wave down and hit the level of $3,178, which is just a tad above the retracement level seen at $3,147. Nevertheless, the Bearish Engulfing pattern made at the top of the bounce twice helped the bears to slam the price back towards the technical support located at $2,952. The market conditions at the H4 time frame chart are now coming off the overbought conditions, so more downside is expected. Any violation of the level of $2,952 would likely expose the swing low located at $2,881 for the test again.
Weekly Pivot Points:
WR3 - $3,558
WR2 - $3,417
WR1 - $3,209
Weekly Pivot - $3,065
WS1 - $2,886
WS2 - $2,742
WS3 - $2,529
Trading Outlook:
The market bounce from the level of $2,878 might be the beginning of a stronger advance above $3k again, so this level is a must to keep the eye on it. The bulls are temporary in control of the market and they are heading towards the level of $3,141 first, then lower towards $3,313.