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Crypto Industry News:
Mastercard, one of the giants of the payment world, is showing increasing interest in blockchain technology and getting more and more involved in cryptocurrencies. On Wednesday, the company announced that it plans to roll out a test version of its Multi-Token Network (MTN) this summer.
The beta of the product is to be launched first in the UK. Raj Dhamodharan, head of cryptocurrency and blockchain at Mastercard, said in a letter that MTN will "serve as a testing ground to develop live applications and use cases with financial institutions, fintechs and central banks."
The plan is to gradually introduce MTN to more global markets as long as it acquires new partners. The idea is to convince developers to build on the Mastercard blockchain, which is able to transform its payment capabilities.
Mastercard promotes something called the MTN Innovation Sprint. Selected teams will be given access to MTN's capabilities and will start developing the platform.
Technical Market Outlook:
The ETH/USD pair has been testing the 100 MA on the H4 time frame chart, that now will act as the intraday technical support around the level of $1,832. The bulls failed to break above the technical resistance located at the level of $1,930 and reversed lower again.The momentum turned into weak and negative after the failed breakout attempt, so now the short-term outlook is looking more bearish. The short-term technical support is seen at the level of $1,816 and $1,777.
Weekly Pivot Points:
WR3 - $1,958
WR2 - $1,919
WR1 - $1,898
Weekly Pivot - $1,881
WS1 - $1,859
WS2 - $1,842
WS3 - $1,809
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.