FX.co ★ Technical Analysis of ETH/USD for October 7, 2022

Crypto Industry News:

Ontario Securities Commission (OSC) chief executive Grant Vingoe said Canadian authorities planned to publish a report in October that will include data on cryptocurrency adoptions in Canada. Reportedly, over 30% of Canadians plan to buy cryptocurrencies in 2024, he adds.

Grant Vingoe, CEO of the Ontario Securities Commission, echoed Canada's technology-neutral stance on cryptocurrencies, while saying that many Canadians plan to become HODLers in the near future.

In an inaugural address to the Economic Club of Canada on October 6, Vingoe said the stock and bond regulatory base also applies to "cryptocurrency contracts" with "the vast majority of cryptocurrency-backed entities" falling under the jurisdiction of the OSC.

"As securities regulators [we must work to ensure that] none of the characteristics of cryptocurrency assets or their underlying technology, neither positive nor negative, determine our regulatory approach. We are not here to pick winners and losers from our investments. We are cautiously and technology-neutral to all new products that come to our market, and we use the same reasoning to evaluate them. "

Technical Market Outlook:

The ETH/USD pair made a Shooting Star candlestick at the level of $1,348 and started a pull-back. The nearest intraday technical support is seen at the level of $1,317 and the intraday technical resistance is located at the level of $1,358 and $1,372. The larger time frame target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. Nevertheless, the bears would have to break below the demand zone located between the levels of $1,255 - $1,281.

Weekly Pivot Points:

WR3 - $1,360

WR2 - $1,320

WR1 - $1,306

Weekly Pivot - $1,283

WS1 - $1,268

WS2 - $1,245

WS3 - $1,206

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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.