FX.co ★ Technical Analysis of ETH/USD for September 22, 2023

Crypto Industry News:

One of the world's most popular payment platforms reveals that it is launching its stablecoin on Venmo. PayPal's stablecoin will be available on Venmo in the next few weeks. PayPal is trying to increasingly promote its stablecoin, which is already available on such cryptocurrency exchanges as Crypto.com, Bitstamp, Coinbase, and Kraken.

PYUSD, a stablecoin from PayPal available on Venmo in a few weeks

PayPal USD, a stablecoin from the online payments giant, premiered in August. It is worth adding that rumors about PayPal entering the cryptocurrency industry have been circulating for a long time. PayPal now wants to popularize its stablecoin as much as possible. On September 20, the company's blog published an entry that PYUSD would be available to users of Venmo, a mobile payment app. Venmo's main target group are friends and family, because the application is designed to help you quickly and freely transfer funds from account to account, e.g. for dinner or movie tickets.

The introduction of PYUSD is intended to make cryptocurrency transfers even simpler and faster. Information about the introduction of a stablecoin from PayPal on Venmo appeared only in the 6th week after the launch of PYUSD. It is therefore clear that the company has clearly marked its entry into the cryptocurrency industry.

Technical Market Outlook:

The ETH/USD pair has broken below the short-term trend line support around the level of $1,630 and made a new local low at the level of $1,567, which is below the 61% Fibonacci retracement level as well. The momentum broken to the negative territory, so the bears are in temporary control of the market. The intraday technical resistance is seen at the level of $1,606 and the nearest technical support levels are located at $1,530 (last swing low). Please notice, the price is below the 50 and 100 MA on the H4 time frame chart already.

Weekly Pivot Points:

WR3 - $1,683

WR2 - $1,653

WR1 - $1,641

Weekly Pivot - $1,622

WS1 - $1,610

WS2 - $1,591

WS3 - $1,560

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.