FX.co ★ Technical Analysis of ETH/USD for June 29, 2021

Crypto Industry News:

Craig Wright, the man who claims to be Satoshi Nakamoto, won a copyright case for the Bitcoin Manifesto.

According to information from Ontier LLP, the law firm representing Craig Wright, nChain researcher received a default judgment today in his copyright infringement action against Bitcoin.org webmaster

Craig Wright demanded that the official Bitcoin manifesto be removed from Bitcoin.org and Bitcoincore.org. Bitcoincore.org agreed, but the Bitcoin.org webmaster refused, so Craig Wright filed a lawsuit against him.

During the interrogation, it turned out that in order for the Bitcoin.org webmaster to claim his rights, he had to reveal his identity. The bitcoin guy hiding under the pseudonym valued his anonymity more than the possible victory in the dispute, so he decided to relinquish the right to defend himself or present arguments to a judge. This move made it easier for Craig Wright to win the case.

Does this mean that British courts will recognize Craig Wright as the author of the Bitcoin White Book? Not at all. It also doesn't mean that British courts identify him as Satoshi Nakamoto.

Technical Market Outlook:

The ETH/USD pair has hit the 50% Fibonacci retracement at the level of $2,173 and keeps going higher. The next target for bulls is seen at $2,201 (technical resistance) and $2,173 (50% Fibonacci retracement of the last wave down). The nearest technical support is seen at the level of $2,043. The momentum is strong and positive, which supports the short term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $2,667

WR2 - $2,446

WR1 - $2,091

Weekly Pivot - $1,898

WS1 - $1,514

WS2 - $1,323

WS3 - $946

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.