Crypto Industry News:
Vitalik Buterin, the creator of Ethereum, expressed his thoughts on the future of the cryptocurrency ecosystem. During a conversation with David Hoffman at the Permissionless conference in Austin, Texas, he stated that the current approach to cryptographic applications and solutions is "not creative enough."
Buterin noted that although DeFi (decentralized finance) is interesting and NFTs are a new element in the crypto ecosystem, they are only an extension of already existing solutions. The creator of Ethereum is more excited about the possibilities that social media decentralization brings.
He mentioned Farcaster, a Twitter-like protocol built on top of the OP mainnet. He also talks about the Warpcast mobile app, which is currently in an invitation-only alpha version.
Innovative projects like Farcaster and Lens, created by Aave founder Stani Kulechov, use crypto tools to compete with centralized platforms. Buterin spoke enthusiastically about the possibilities of further developing this concept. He expressed hope that such solutions will be able to fully integrate with other projects in the crypto ecosystem.
Buterin expressed his belief that crypto-based solutions have the potential to be more decentralized. Protect your privacy and be more secure than the current Web2 landscape. He listed various ideas that could contribute to this goal. For example, ENS (Ethereum Name Service) and POAPs (Proof of Attendance Protocol).
Ethereum's creator expressed hope that these tools will help create an independent, open toolkit that will be competitive with tech giants such as Google and Twitter, but without the centralization and control that characterizes systems such as China's WeChat, Alipay or CBDC (Central Bank Digital Currency).
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,530 and then immediately bounced back. The bounce high was made at the level of $1,636, so the short-term trend line resistance at the H4 time frame chart was broken. The momentum broken to the positive territory as well, so the bounce can continue higher towards the level of $1,664. The intraday technical resistance is seen at the level of $1,632 (100 EMA) and the nearest technical support levels are located at $1,616 and $1,580.
Weekly Pivot Points:
WR3 - $1,643
WR2 - $1,627
WR1 - $1,620
Weekly Pivot - $1,610
WS1 - $1,603
WS2 - $1,593
WS3 - $1,577
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.