Crypto Industry News:
A study conducted by one of the American translators why institutional investors have been so eager to invest money in cryptocurrencies for a long time. It turned out that 4/5 of the respondents confirmed their belief that in the next decade, crypto will overtake traditional investments.
The bottom line, however, is that whether it is individual or institutional investors, most consider cryptocurrencies trustworthy.
No wonder that the interest in cryptocurrencies is growing, which is confirmed by the results of the study. As many as 80% of institutional investors believe that cryptocurrencies will overtake traditional financial instruments in the next decade. However, it is worth noting that in this case it is about cryptocurrencies as an asset class.
Belief in the most popular cryptocurrencies (BTC and ETH) was slightly lower among the respondents. Nearly 54% believed that Bitcoin and Ethereum would be ahead of traditional assets.
Only 11% of individual investors believe cryptocurrency investments should not be trusted. The study also showed that investors are confident about the future of cryptocurrencies. 88% of the surveyed institutional investors and 75% of individual investors believe that cryptocurrencies will stay with us for longer and will become more common.
Technical Market Outlook:
The ETH/USD pair had lost all the recent gains made during the retracement and made a new swing low at the level of $2,768, so the Ethereum is trading back under the $3k level. In order to make a full V-shape reversal, the bulls must break above the last high seen at the level of $3,178. The nearest technical resistance is seen at $2,881 and the immediate technical support is located at $2,816 and $2,775. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $2,503.
Weekly Pivot Points:
WR3 - $3,378
WR2 - $3,278
WR1 - $3,078
Weekly Pivot - $2,916
WS1 - $2,787
WS2 - $2,680
WS3 - $2,474
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.