FX.co ★ Technical Analysis of ETH/USD for July 27, 2023

Crypto Industry News:

The Singapore Supreme Court has declared cryptocurrencies to be "personal property" and compared them to fiat money.

Cryptocurrency is property, Judge Philip Jeyaretnam of the Singapore High Court ruled in a July 25 ruling. The judge said he sees no difference between cryptocurrencies or fiat money - all of these items, physical or not, have a value created by users' belief in them.

The above ruling regarding the case brought by ByBit against former staff member Ho Kai Xin. The exchange claimed that the employee transferred approximately USDT 4.2 million from the cryptocurrency exchange to her private addresses. The court ordered her to return all digital currencies to the company she worked for.

The decision, although it may seem obvious, contains some wording that is important for the legal status of digital resources. Judge Jeyaretnam called the stolen USDT, as well as cryptocurrencies in general, property. In addition, it classifies them as "things in action". In British common law, it means a type of property, personal rights that can be asserted or enforced through legal means.

In his decision, the judge referred to a consultation document from the Monetary Authority of Singapore (MAS), through which certain requirements are implemented, including storing digital payment tokens. Added to this is the 2021 Court Order, which defines "movable property" as "cash, debt, cash deposits, bonds, stocks or other securities, club or association memberships, and cryptocurrency or other digital currency."

Technical Market Outlook:

The ETH/USD pair has bounced from the technical support seen at the level of $1,833 and is currently trading in the middle of the local trading range. The next target for bears is seen at the level of $1,827 which is the key short-term technical support level. Any violation of this level would open the road towards the next target located at $1,777. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,927

WR2 - $1,899

WR1 - $1,883

Weekly Pivot - $1,872

WS1 - $1,856

WS2 - $1,844

WS3 - $1,817

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.