FX.co ★ Technical Analysis of ETH/USD for July 20, 2023

Crypto Industry News:

Forge is a subsidiary of Societe Generale that wants to focus on cryptocurrencies. Now it has received its first license to provide cryptocurrency services. The French market regulator, Autorite des Marches Financiers (AMF), stated on its website that the license allows it to offer cryptocurrency storage and trading services.

According to Reuters, the license granted to Forge does not impose on the Societe Generale subsidiary the same onerous requirements faced by other entities in the cryptocurrency market, especially in the areas of corporate governance, information technology and compliance.

Jean-Marc Stenger, CEO of Forge, said the license enables his company to meet the needs of institutional clients.

"This step will allow us to continue to support our institutional clients who want digital asset services that meet the highest standards of compliance and banking security," he said.

A month ago, the largest bank in Germany in terms of assets held followed a similar direction. Of course, it is about Deutsche Bank, which in June this year applied for permission from the country's financial market regulator to start operating as a cryptocurrency depository.

Technical Market Outlook:

The ETH/USD pair has been making only a new local lows and bulls do not look like they want to challenge the last swing high yet. The momentum is neutral, which supports the short-term bearish outlook for ETH. The intraday technical support is seen at $1,874, $1,827 and $1,816. The intraday technical resistance still is located at $1,926. When the up trend is resumed, then the next target for bulls is seen at the level of $2,140, which is the yearly high and the immediate target for bull after strong breakout higher.

Weekly Pivot Points:

WR3 - $1,964

WR2 - $1,945

WR1 - $1,938

Weekly Pivot - $1,926

WS1 - $1,919

WS2 - $1,908

WS3 - $1,889

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.