Crypto Industry News:
A recent study conducted in France reveals an interesting trend among new investors. Cryptocurrencies like Bitcoin and Ethereum are more popular there than stocks or ETFs. This interest is growing, especially since the beginning of the COVID-19 pandemic. About 9% of French adults now own cryptocurrencies. That's more than the 7% who own stocks and the 2% who invest in ETFs.
The study included a large sample of over 8,000 people, of whom over 2,000 were novices. Most of this second group are young men. They prefer information from social media rather than from financial advisors. There are various motivations to invest: higher profits, pandemic or dynamic political and economic changes. Moreover, first observations indicate that almost every fourth Frenchman invests in financial instruments or cryptocurrencies.
A study conducted by the OECD for AMF provides deeper insight. It turned out that half of new investors started their business during the pandemic. These are mainly young people under 35, more often men, living in cities. They have higher than average income and education. They choose cryptocurrencies more often than experienced investors.
Technical Market Outlook:
The ETH/USD pair has been seen consolidating the recent gains in a narrow range close to the swing high located at the level of $2,135. The next target for bulls is seen at the level of $2,140, but for now the it is time for a pull-back. The intraday technical support is seen at $2,017 and the intraday technical resistance is seen at the level of $2,090. The momentum remains strong and positive, however, the Bearish Divergence is seen on the H4 time frame chart already and the market participants are reacting on this situation accordingly. The key short-term technical support for ETH is seen at the level of $1,911.
Weekly Pivot Points:
WR3 - $2,193
WR2 - $2, 093
WR1 - $2,070
Weekly Pivot - $2,048
WS1 - $2,024
WS2 - $2,002
WS3 - $1,957
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.