Crypto Industry News:
According to analysts, with the accelerating global de-dollarization trend, two assets that could benefit from it are gold and crypto space.
Earlier this summer, Russian President Vladimir Putin said Brazil, Russia, India, China and South Africa (BRICS) were developing a new reserve currency based on a basket of currencies.
"The issue of creating an international reserve currency based on a basket of our countries' currencies is under development," Putin said in the BRICS business forum at the end of June. "We are ready to openly cooperate with all honest partners."
Five countries are also trying to create an alternative international payment mechanism, he added.
BRICS can also see its membership expand, with Turkey, Egypt and Saudi Arabia considering joining the group.
This is not the first time that something like this has been mentioned, as the BRICS countries are already starting to introduce more local currencies into payments in mutual transactions. According to the Deccan Herald, India and Russia held discussions about the mutual acceptance of RuPay and Mir local payment systems during the summer.
Analysts see this new BRICS reserve currency proposal as an alternative to the US dollar and the International Monetary Fund (IMF) Special Drawing Rights (SDR) currency.
Technical Market Outlook:
The ETH/USD pair bounce had been capped at the 38% Fibonacci retracement level of the last wave down located at $1,719 and the market is reversing lower. The next technical resistance is seen at $1,756 and must be clearly violated in order to continue the up move. The key short-term technical support is located at the level of $1,559 and if clearly violated, then the next target for bears is located at $1,358. The momentum is currently strong and positive, so the short-term outlook is bullish up to the 61% Fibonacci retracement level located at $1,836.
Weekly Pivot Points:
WR3 - $1,703
WR2 - $1,649
WR1 - $1,615
Weekly Pivot - $1,595
WS1 - $1,560
WS2 - $1,540
WS3 - $1,485
Trading Outlook:
The down trend on the Ethereum might have been terminated at the level of $880. 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 next target for bears is located at the level of $1,358.