FX.co ★ Technical Analysis of ETH/USD for April 25, 2023

Crypto Industry News:

The system underlying the issuance and circulation of the Russian Central Bank's digital currency (CBDC) is to be able to also support other countries' digital means of payment, representatives of the Bank of Russia announced this week. However, they added that the case is still under development. Various models of interaction between the digital ruble and other CBDCs are currently being developed.

An alternative is to be a system that allows two-way integration with any CBDC platform in the world. Another solution is to launch an international digital platform that would facilitate the simultaneous interaction between digital currencies of many issuers.

The Central Bank of the Russian Federation (CBR) remains opposed to the free circulation of cryptocurrencies in the country. Therefore, it does not plan to create a national cryptocurrency exchange - informed the representatives of the institution, quoted by the cryptocurrency news website.

However, the possibility of legalizing international settlements with cryptocurrencies under experimental legal regimes is possible. For this purpose, a special organization will be established to facilitate the purchase and sale of cryptocurrencies between participants in such transactions.

Technical Market Outlook:

The ETH/USD pair is approaching the 50 DMA on the daily time frame chart, but on the H4 time frame chart the 50 and 100 MA was violated already. Any violation of the daily moving average dynamic support might result with more downside for ETH. The momentum is weak and negative on the daily time frame chart, so the bears are in total control of the market. On the H4 time frame chart, the momentum hit the extremely oversold market conditions and is trying to bounce. The next target for bears is seen at the level of $1,798 and $1,742. The nearest technical resistance is seen at $1,888.

Weekly Pivot Points:

WR3 - $1,939

WR2 - $1,901

WR1 - $1,878

Weekly Pivot - $1,861

WS1 - $1,839

WS2 - $1,824

WS3 - $1,786

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.