FX.co ★ Technical Analysis of ETH/USD for February 20, 2023

Crypto Industry News:

The Federal Reserve Bank of San Francisco is looking for software engineers to work on developing and implementing central bank digital currency (CBDC) systems.

On February 18, the San Francisco Fed published a job offer for a "senior application developer - digital currency." The candidate is expected to assist the Federal Reserve in designing and implementing systems critical to CBDC research.

Within 24 hours of the job posting, 45 candidates expressed interest in joining the federal government to build an internal CBDC.

The Federal Reserve Bank of San Francisco (informally called the San Francisco Fed) is the federal bank of the Twelfth District of the United States. The 12th District consists of the nine western states - Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington - plus the Northern Mariana Islands, American Samoa, and Guam. The San Francisco Fed has branches in Los Angeles, Portland, Salt Lake City and Seattle. It also has a cash processing center in Phoenix.

The Federal Reserve Bank of San Francisco opened for business on November 16, 1914 to implement reserve regulations under the Federal Reserve Act.

Technical Market Outlook:

The Ethereum market had made a local high at the level of $1,721, pulled-back lower and is currently approaching the last week highs again. The intraday technical support is seen at $1,617 (100 MA) and $1,579 (50 MA). Only a clear and sustained breakout below the level of $1,487 would change the short-term outlook to bearish, so please keep an eye on the $1,487 technical support. Any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.

Weekly Pivot Points:

WR3 - $1,774

WR2 - $1,726

WR1 - $1,709

Weekly Pivot - $1,678

WS1 - $1,661

WS2 - $1,630

WS3 - $1,581

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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.