Crypto Industry News:
Dubai, a global financial hub and symbol of innovation, is planning another groundbreaking project. The city intends to build the world's first Bitcoin Tower, which is to become an icon of the cryptocurrency world.
The tower is intended to serve as a symbolic hub for the crypto community and will be unveiled on May 24 at COP28 in Dubai, according to information provided by the developer. Salvatore Liggiero, the innovator of the venture, said the hotel would be the first of its kind in the world and would have 40 floors.
Bitcoin Tower, like everything created in Dubai, is supposed to impress with its uniqueness, ingenuity and innovative architecture. The project assumes the creation of not only an interesting structure, but also spaces that are to be used to develop and promote cryptocurrencies. The tower will be equipped with an education center, conference space and an art gallery to support the development of this dynamically developing field.
Technical Market Outlook:
The ETH/USD pair has made the local low at the level of $1,740, so this level will work as the technical support level while the market is developing the horizontal trend. The recent breakout above the range high of $1,847 had been reversed and the price is trading back inside the narrow zone. The momentum reversed from the extremely overbought levels as well, so the whipsaw horizontal trading might take more time. Only a sustained breakout from the range would trigger some bigger moves either to the upside or downside. The bigger time frame trend remains down.
Weekly Pivot Points:
WR3 - $1,848
WR2 - $1,826
WR1 - $1,817
Weekly Pivot - $1,803
WS1 - $1,795
WS2 - $1,780
WS3 - $1,758
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 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.