FX.co ★ Technical Analysis of ETH/USD for November 16, 2023

Crypto Industry News:

More than 40 countries have agreed to implement the cryptocurrency reporting framework developed by the Organization for Economic Co-operation and Development (OECD), which is affiliated with the G20. Widespread, consistent and timely implementation of the framework "will improve our ability to ensure tax compliance and reduce tax evasion, which reduces public revenues and increases the burden on those who pay taxes," the countries' statement said.

Forty-eight jurisdictions have issued a joint statement on the implementation of the Crypto-Asset Reporting Framework (CARF) developed by the Organization for Economic Co-operation and Development.

The statement was issued jointly by Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan , Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, UK and USA. This includes Guernsey and the Isle of Man, as well as the British overseas territories of the Cayman Islands and Gibraltar.

The implementation of CARF aims to "keep pace with the rapid development and growth of the cryptocurrency market and ensure that recent gains in global tax transparency are not gradually eroded."

CARF was created on the basis of a G20 mandate. It provides a unified way of reporting tax information on transactions entered into on blockchains, so that this information can be automatically exchanged between jurisdictions on an annual basis.

Technical Market Outlook:

The ETH/USD pair has bounced back up after a 9.5% drop from the last swing high located at the level of $2,135 and made a local low at the level of $1,932. The momentum has broken back above the neutral level of fifty, so the bulls are testing the 50 MA on the H4 time frame chart seen at the level of $2,066. The intraday technical resistance is seen at the level of $2,117 and the intraday technical support is seen at the level of $2,024. The key short-term technical support for ETH is seen at the level of $1,911 and only a clear and sustained breakout below this level would change the short-term outlook to bearish.

Weekly Pivot Points:

WR3 - $2,193

WR2 - $2, 093

WR1 - $2,070

Weekly Pivot - $2,048

WS1 - $2,024

WS2 - $2,002

WS3 - $1,957

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.