FX.co ★ Technical Analysis of ETH/USD for June 1, 2023

Crypto Industry News:

Last weekend in Havana, the first meeting was held, attended only by supporters of the cryptocurrency introduced to the market by Satoshi Nakamoto. The meetup took place in the popular Pazillo bar and was organized by Cuba Bitcoin - a group of anonymous BTC activists who conduct heated discussions about cryptocurrencies with each other on social media.

As explained by a user hiding under the pseudonym Forte11, the purpose of the meeting was to educate - not convince Cubans - about the potential of Bitcoin in Cuba. "Everyone can decide for themselves what they want to do. Our task is, above all, education," he stressed.

While in Western countries the participants of similar meetups are mostly middle-aged white men, in the case of BTC enthusiasts in Cuba we had to deal with a wide range of characters. Students, small business owners, programmers, and even - amazingly! - elderly women.

One of the participants of the meetup was Paco de la India - a popular vlogger, traveler and avid couchsurfer who set off on a journey around the world using only Bitcoin. His lecture on the adoption of Bitcoin around the world met with an enthusiastic response from the audience gathered in the room.

In turn, the co-founder of Bitcoin Kuba nicknamed "C" gave a lecture on how you can buy Bitcoin via Telegram chat in exchange for the Cuban pesos or the Cuban MLC, which is a government-owned stablecoin.

Despite limited access to the internet, Cubans are increasingly turning to cryptocurrencies as a means of financial freedom and "exit" from the local economy. Although Cuba is technically a centrally planned economy, the state has recently relaxed its rules on private ownership of businesses. Accepting cryptocurrencies for goods and services is now legal in this country, which is the most beneficial for BTC sellers.

Technical Market Outlook:

The ETH/USD pair has broken below the technical support seen at the level of $1,865 and made a new local low at the level of $1,836, so is down 4.79% at the time of writing the analysis. The market is still under the bearish pressure and bears managed to retrace 50% of the last wave up.The next technical support is seen at the level of $1,816. The 61% Fibonacci retracement of the last wave up is seen at $1,825. The momentum is weak and negative, which supports the short term outlook for ETH on the H4 time frame. The bigger time frame trend remains down.

Weekly Pivot Points:

WR3 - $1,848

WR2 - $1,826

WR1 - $1,817

Weekly Pivot - $1,803

WS1 - $1,795

WS2 - $1,780

WS3 - $1,758

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.