Crypto Industry News:
Investors may be interested in what the head of Deutsche Bank's securities department, Paul Maley, said. In his opinion, the value of the cryptocurrency market will grow to trillions of dollars and investing in digital assets will probably become a priority for smaller investors and institutions.
Meanwhile, Deutsche Bank's asset management arm, DWS Group, is reportedly in talks to invest in two different German cryptocurrency companies. This concerns the cryptocurrency product provider Deutsche Digital Assets and the market maker platform Tradias.
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 $1,642, so the short-term trend line resistance at the H4 time frame chart was broken. Currently, the market hovers around the 100 MA located at the level of $1,632. 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.