Crypto Industry News:
Elon Musk's recent decision to introduce restrictions on all users was coldly received by the cryptocurrency industry. Anyone who follows the digital asset market knows that the vast majority of life in this community takes place on Twitter.
It is on this platform that discussions are conducted, messages and news about new projects are posted. The changes introduced on Saturday, July 1, drastically affected the visibility of news from the world of blockchain and cryptocurrencies.
Elon Musk supported his decision by the fact that Twitter data was used by many companies for, among others, artificial intelligence training. The introduction of limits read on tweet accounts is supposed to be temporary, however, the cryptocurrency industry felt the new restrictions just a few days after their introduction.
The first reports of SEO experts clearly showed that one of the limitations was the introduction of reduced visibility for posts from the commonly known "Crypto Twitter" in the Google search engine. According to some estimates, the cryptocurrency industry lost over 50% of the indexed URLs that came from Twitter.
According to a report by Search Engine Land, the number of Twitter posts indexed by Google regarding digital assets and blockchain technology dropped by up to 60%. Already on July 3, this number dropped from 471 million to just 180 million addresses. It is worth noting that on July 4, Google's spokesman himself commented on this. According to him, Google is aware that their ability to index Twitter.com has been severely limited. This in turn affected Google's ability to display tweets and pages from websites in search results.
Technical Market Outlook:
The ETH/USD pair has reversed from the highs seen at the level of $1,974, broke below the 100 and 50 moving averages and is currently approaching the key short term technical support seen at the level of $1,816. If this level is violated, then the next target for bulls is seen at $1,759.
Weekly Pivot Points:
WR3 - $2,044
WR2 - $1,999
WR1 - $1,980
Weekly Pivot - $1,954
WS1 - $1,935
WS2 - $1,909
WS3 - $1,854
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.