FX.co ★ Technical Analysis of ETH/USD for July 12, 2023

Crypto Industry News:

The British financial supervision authority, the Financial Conduct Authority (FCA), has inspected as many as 34 ATMs since the beginning of this year. He ordered the closure of 26 of them.

On February 14, the FCA issued an ultimatum to all ATM operators in the UK - they must comply with the regulations or they will not be able to operate in the country. Following this warning, officials from the FCA and other law enforcement agencies inspected 36 "bitcoin ATMs".

"Cryptocurrency ATMs operating without FCA registration are illegal. Actions we have taken over the past few months and our wider work show that we will act to stop illegal activity," the FCA said.

Steve Smart, Executive Director of Law Enforcement and Market Oversight at the FCA, stated that "if you use a cryptocurrency ATM in the UK, you are using a machine that is operating illegally and you could be transferring your money to criminals." He added that such devices "are not protected" by the authorities.

Recall that all cryptocurrency exchanges and bitcoin ATMs in the UK must be registered with the FCA. They must also comply with UK money laundering laws.

Technical Market Outlook:

The ETH/USD pair has bounced from the key short term technical support seen at the level of $1,816. So far the ETH has been trading inside a narrow range located between the levels of $1,904 - $1,862 and bulls made one failed attempt to rally higher, so the ETH market participants await the fundamental trigger to truly break out from the consolidation. The intraday technical support is seen at $1,862 and the intraday technical resistance is located at $1,904.

Weekly Pivot Points:

WR3 - $1,897

WR2 - $1,877

WR1 - $1,867

Weekly Pivot - $1,856

WS1 - $1,847

WS2 - $1,835

WS3 - $1,822

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.