FX.co ★ Technical Analysis of ETH/USD for August 25, 2023

Crypto Industry News:

Republican Party presidential candidate and current mayor of Miami, Francis Suarez, said that if elected president, he would be willing to accept bitcoin (BTC) as part of his salary.

Francis Suarez as president of the USA would like to receive a salary in BTC

Suarez confirmed that he is already withdrawing part of his mayoral pay in bitcoin. He promised that if he becomes president of the USA, he will want to continue to earn not only in dollars, but also in cryptocurrency.

He added that he considers it important to support cryptocurrencies in general and bitcoin in particular, as he sees blockchain assets as a guarantee of freedom. He described bitcoin and altcoins as "a good hedge" against inflation in a "monetary system that has gotten completely out of control and become very political."

The mayor of Miami also spoke about the benefits of blockchain. He said, for example, that tokenization makes it easier for more people to invest.

Technical Market Outlook:

The ETH/USD pair has bounced from the technical support and the current local bounce high was made at the level of $1,697, which is just below the technical resistance located at $1,707. Nevertheless, the market bounce was faded and the price is back to the old trading range again. The level of $1,545 will now act as the technical support, but the key technical support is seen at the level of $1,620. Please notice, the current market conditions are still negative on Daily and H4 time frame chart, so the bearish pressure is still high.

Weekly Pivot Points:

WR3 - $1,710

WR2 - $1,692

WR1 - $1,681

Weekly Pivot - $1,674

WS1 - $1,663

WS2 - $1,656

WS3 - $1,638

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.