FX.co ★ Technical Analysis of ETH/USD for June 5, 2023

Crypto Industry News:

Sberbank, the largest bank in the Russian Federation, has announced that it will give everyone access to its internal decentralized finance (DeFi) platform. It wants to allow developers to test its capabilities.

Sberbank has announced that it will give developers access to its own decentralized financial solution called Community. Alexander Nam, head of the Blockchain Lab at the bank, stated that developers will be able to integrate their proprietary solutions with the platform during the tests.

The idea of creating the Sberbank Community platform was announced in February. At that time, however, the service was only at the stage of closed, internal beta testing. Product Director Konstantin Klimenko then stated that the open testing phase would start in March. As you can see, this one will start with some delay.

Sberbank's Community is a Russian Ethereum-based project that aims to combine traditional banking services with cryptocurrencies, thus enabling customers to use innovative services with Russian rubles and with the support of a regulated financial institution.

It is possible that this is an introduction to other activities related to cryptocurrencies, because in spring 2022 the bank received a license to issue digital assets. It also carried out its first digital transaction through its subsidiary Sberfactory. As part of it, a financial instrument worth a billion rubles was issued with a 3-month maturity.

Technical Market Outlook:

The ETH/USD pair has been seen moving lower after a short period of consolidation just under the technical resistance located at the level o $1,916. The market is still under the bearish pressure and the next technical support is seen at the level of $1,839. The 61% Fibonacci retracement of the last wave up is seen at $1,825. The momentum is now slightly negative, but the market still trades below the short-term trend line resistance. Only a sustained breakout above the line would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - $1,962

WR2 - $1,919

WR1 - $1,894

Weekly Pivot - $1,877

WS1 - $1,851

WS2 - $1,834

WS3 - $1,791

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.