Crypto Industry News:
Chainalysis, a leading blockchain analytics company, has categorically disagreed with a recent report by the prestigious Wall Street Journal (WSJ) which claimed that the Palestinian terrorist organization Hamas used cryptocurrencies to raise $90 million to attack Israel. American congressmen used "fake news" to narrate the need to tighten the screws on digital assets.
The report of October 10 this year, which caused a shock in both political and cryptocurrency circles, especially in the United States, claimed that the decentralized nature of crypto poses a serious threat to national security, making it easier for terrorist organizations to collect funds without being detected by the services. U.S. lawmakers with no love for digital assets, including Senator Elizabeth Warren, used this statement in written communications with the White House and the Treasury Department, expressing concerns about the potential risks associated with cryptocurrencies and calling on the authorities to act.
The arguments, as it soon turned out, were built on foundations of sand. Sam Callahan of Swan Signal, a well-known public figure in the cryptocurrency community, identified in his post on Platform X (Twitter) significant discrepancies in the report by Wall Street Journal journalists. Callahan questioned the numbers presented by WSJ and, citing the expertise of the Chainanalysis team, accused the magazine of overestimating the false amounts by over 99% and including the total trading volume on the exchange (!). He also emphasized that these narratives may constitute unjustified ammunition for politicians who are already skeptical enough about the phenomenon of digital assets over which they have no control in the country of Uncle Sam.
The crypto community on X (Twitter) did not remain passive. There have been accusations that the traditional financial system and politicians are "trying to finish us off", in particular due to the mass adoption of Bitcoin and cryptocurrencies by individual and institutional investors as well as entire cities and countries.
Technical Market Outlook:
The ETH/USD pair had retraced 61% of the last wave down as the local high was made at the level of $1,853, but the next target for bulls is seen at the level of $1,874. Currently, the market consolidates the recent gains in a narrow range after the shallow pull-back towards the level of $1,755 was made. The intraday technical resistance is seen at $1,802 and the intraday technical support is located at $1,755. Any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH, however the market conditions are now extremely overbought on the H4 time frame chart.
Weekly Pivot Points:
WR3 - $1,777
WR2 - $1,729
WR1 - $1,707
Weekly Pivot - $1,681
WS1 - $1,659
WS2 - $1,632
WS3 - $1,584
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.