Crypto Industry News:
The Reserve Bank of India announced on Tuesday that it will launch the first digital rupee pilot program "to be used on a case by case basis", starting with the broadly understood wholesale sector. The wholesale sector includes financial institutions such as banks and interbank transactions such as securities settlement and inter-currency payments.
The aim of the pilot program is to start testing the settlement of transactions on the secondary market on government securities.
Central bank officials are testing whether the integration of the central bank's digital currency (CBDC) with the domestic financial system can help increase the efficiency of the interbank market and reduce the associated transaction costs. According to the bank, having a digital rupee system "would anticipate the need for a settlement guarantee infrastructure for collateral to reduce settlement risk."
After the system has been tested, additional pilots will be launched to test other types of wholesale and cross-border payments using the knowledge gathered during the trials.
A total of nine banks will participate in the pilot test, including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
Technical Market Outlook:
The ETH/USD pair has made a 7% pull-back from the rally high located at $1,663. The market is currently testing the technical resistance located at the level of $1,571 and in a case of a breakout, the next target is the rally high. The momentum on the H4 time frame chart had bounced from the level of fifty and points to the upside already. The nearest technical support is seen at $1,513 and the level of $1,593 will now act as the intraday technical resistance.
Weekly Pivot Points:
WR3 - $1,647
WR2 - $1,1612
WR1 - $1,596
Weekly Pivot - $1,578
WS1 - $1,561
WS2 - $1,543
WS3 - $1,509
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.