Crypto Industry News:
The pre-election campaign in the US is entering the next stage. On August 23, eight Republican Party candidates will appear in Milwaukee. They will argue during the group's first debate before the 2024 election season.
The Republican Party must choose its presidential candidate
The debate, which will take place on August 23, will be the first time that so many Republican Party presidential candidates will be in the same room during the ongoing pre-campaign. It is not known whether cryptocurrencies will be one of the topics discussed, but several of the politicians present at the debate are fans of bitcoin.
The favorite of the primaries is Donald Trump, who invested in ETH. His biggest rival, Florida Governor Ron DeSantis, has promised to ban CBDCs in the US. Of course, the condition is that he will be elected president.
Vivek Ramaswamy is the youngest candidate in the primaries (38 years old). He claims the 2024 election is a de facto "fiat currency referendum." He spoke at the Bitcoin 2023 conference in Miami, where he announced that his staff would be accepting donations in BTC.
Another pro-bitcoin candidate is Miami mayor Francis Suarez, who gained popularity by promoting cryptocurrencies in his city. He also announced that he would be accepting donations for pre-campaign activities in BTC.
Suarez, however, will not be attending the debate. Initially, he boasted on X that he qualified for it, but on August 21, other Republican Party politicians denied it.
Technical Market Outlook:
The ETH/USD pair has been seen moving sideways in a narrow range as the bulls keep trying to bounce from the lows, so the H4 candlesticks might leave a long lower wicks. The current local bounce high was made at the level of $1,693, which is just below the technical resistance located at $1,707. The level of $1,545 will now act as the technical support, but the key technical support is seen at the level of $1,620. The narrow range has been established between the levels of $1,690 - $1,640. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $1,803.
Weekly Pivot Points:
WR3 - $1,710
WR2 - $1,692
WR1 - $1,681
Weekly Pivot - $1,674
WS1 - $1,663
WS2 - $1,656
WS3 - $1,638
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.