Crypto Industry News:
Cryptocurrency users may one day be able to automatically pay electricity and phone bills through their self-service crypto wallets, Visa claims.
In a blog post, Visa's cryptocurrency team proposed a solution that would allow providers to automatically "pull" funds from users' Ethereum-powered cryptocurrency wallets, without the user having to manually confirm each transaction.
Automatic payments for recurring bills are commonplace in the traditional world of banking, giving users the ability to allow certain service providers to withdraw from selected bank accounts to pay bills - such as a Netflix subscription or a monthly phone bill.
Such a mechanism is not possible for owners of self-service wallets, Visa says, noting that automated programmable payments that take payments from a user's account at repeated intervals "require engineering work."
This is because in self-service wallets, the user is the only person in control of the private keys, which means that he has to manually sign transactions because "a smart contract cannot initiate transactions on its own."
In its tech article, Visa stated that automatic recurring payments via crypto would be possible with a new type of self-service wallet called "delegated accounts", which is based on the concept of "Account Abstraction" (AA).
With an AA-based self-service wallet or delegated account, the Visa team says user accounts would "function like smart contracts," meaning users can schedule transactions without having to sign off to initiate each transaction.
Technical Market Outlook:
The Ethereum cryptocurrency has retraced 38% of the last wave down on the H4 time frame chart and is currently trading close to the level of $1,227. The 100 SMA is seen at the level of $1,246, so bulls need to break through this level in order to continue the bounce towards the technical resistance seen at $1,278. The intraday volatility is very limited. The key short-term technical support is seen at the level of $1,150.
Weekly Pivot Points:
WR3 - $1,222
WR2 - $1,201
WR1 - $1,190
Weekly Pivot - $1,181
WS1 - $1,169
WS2 - $1,160
WS3 - $1,139
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 at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.