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

Crypto Industry News:

Ripple celebrates the dropping of all charges against its executives. These were part of an ongoing lawsuit brought by the Securities and Exchange Commission (SEC) against the company.

Ripple Labs' general counsel, Stuart Alderoty, commented with satisfaction on the SEC's decision:

"The SEC made a mistake by attacking Brad and Chris personally. They have now given up, dropping all charges against our directors," Alderoty wrote. In his opinion, it was not a conciliatory decision, but an open admission of defeat by the SEC.

Despite the withdrawal of charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, the SEC and Ripple intend to continue consultations on possible sanctions. This concerns issues related to the illegal sale of XRP. The SEC has decided not to comment on the latest developments.

Technical Market Outlook:

The ETH/USD pair has been seen moving up towards the level of $1,584, which is 100 MA on the H4 time frame chart. The next target for bulls is seen at the level of $1,604. On the other hand, any violation of the level of $1,542 will open the road towards the key technical support seen at $1,520. The intraday technical resistance is seen at $1,640. The weak and negative momentum support the short-term outlook for ETH.

Weekly Pivot Points:

WR3 - $1,663

WR2 - $1,601

WR1 - $1,589

Weekly Pivot - $1,569

WS1 - $1,557

WS2 - $1,537

WS3 - $1,506

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.