Crypto Industry News:
Georgieva also entered the topic of cryptocurrencies. She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve. She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know, that didn't happen. On the contrary: Bukele's actions improved the image of his country and strengthened local tourism.
This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC.
Georgieva also entered the topic of cryptocurrencies. She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve. She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know that didn't happen. On the contrary: Bukele's actions improved the image of his country and strengthened local tourism.
This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC.
Technical Market Outlook:
The ETH/USD pair has broken above the technical resistance located at the level of $1,758 and hit the 61% Fibonacci retracement level located at $1,811. The local high was made at the level of $1,825 (at the time of writing the analysis). The intraday technical support is seen at the level of $1,777, so please keep an eye on this level as the pull-back can happen soon. The market conditions are extremely overbought on the H4 time frame chart. Please notice, the Ethereum market rallied over 12% from the low made at the level of $1,620.
Weekly Pivot Points:
WR3 - $1,747
WR2 - $1,733
WR1 - $1,724
Weekly Pivot - $1,719
WS1 - $1,713
WS2 - $1,704
WS3 - $1,690
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.