Crypto Industry News:
Laser Digital, the cryptocurrency division of Japanese banking giant Nomura, has received a full cryptocurrency license from Dubai's Virtual Asset Regulatory Authority (VARA). The license, issued last Thursday, allows Laser Digital to offer virtual asset brokerage, virtual asset management and investment services, making it one of the few institutions approved to serve both retail and institutional clients in this unique city in Middle East.
Founded in Switzerland last September as a cryptocurrency arm of Nomura, Laser Digital now focuses on Dubai's thriving cryptocurrency market. With the regulatory green light, the company is ready to launch trading and digital asset management operations in the coming months.
The approval process in Dubai has been very competitive and Laser Digital's rapid progression towards a full license in less than a year is testament to its ability to provide top-notch crypto services. The company's achievement even surpassed Binance, the world's largest cryptocurrency exchange, which was recently granted a minimum viable product (MVP) license with some restrictions on retail services.
Technical Market Outlook:
The ETH/USD pair has bounced from the level of $1,827, which is the key short-term technical support level and is currently developing the possible triangle pattern on the H4 time frame chart. Any violation of this level would open the road towards the next target located at $1,777. The intraday technical resistance is seen at the level of $1,888 and the bounce high was made at the level of $1,800. In a case of a another breakout lower, the next target is located at $1,759. The weak and negative momentum, together with an increasing bearish pressure supports the short-term bearish outlook for ETH.
Weekly Pivot Points:
WR3 - $1,906
WR2 - $1,885
WR1 - $1,874
Weekly Pivot - $1,863
WS1 - $1,853
WS2 - $1,842
WS3 - $1,821
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.