FX.co ★ Technical Analysis of ETH/USD for August 14, 2023

Crypto Industry News:

It turns out that Donald Trump may not publicly speak too warmly about cryptocurrencies, but at the same time he is stacking Ethereum. We know this from his new asset declaration.

In recent days, we have learned his asset declaration. It has as much as USD 2.5 billion in various assets. However, cryptocurrency fans were interested in one item. It turned out that Trump has between 250,000 and 500,000 USD in ETH. It's probably the ethers he earned on the aforementioned NFT issue.

So as you can see, it's not worth listening to what politicians say. Their actions are more important. The former president may publicly criticize digital assets, but he has no qualms about keeping them in his investment portfolio.

Let's add that according to former SEC official John Reed Stark, the next president from the Republican Party may drastically change US cryptocurrency policy. He assumes that success in the election of Trump or Ron DeSantis means the resignation of Gary Gensler.

Technical Market Outlook:

The ETH/USD pair has made a new local high at the level of $1,874 and then pulled-back towards more than 38% towards the moving average located at the level of $1,841.The volatility is now subdued, so the price keeps oscillating around the moving average located at the level of $1,850. The next target for bears is the 61% retracement level located at $1,828. The next intraday technical resistance is seen at the level of $1,888 and $1,903. The market conditions are neutral on the H4 time frame chart as the RSI is approaching the level of fifty. Only a sustained breakout back below the last local high would change the outlook back to bullish.

Weekly Pivot Points:

WR3 - $1,874

WR2 - $1,857

WR1 - $1,850

Weekly Pivot - $1,841

WS1 - $1,834

WS2 - $1,824

WS3 - $1,808

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.