FX.co ★ Technical Analysis of ETH/USD for November 24, 2023

Crypto Industry News:

Raiffeisen Bank will offer a cryptocurrency trading service in the European Union and Eastern Europe. The launch is scheduled for January 2024. The bank is also starting cooperation with Bitpanda.

Austria's Vienna-based Raiffeisen Bank announced its plan to offer a cryptocurrency trading service to its retail clients across the European Union and Eastern Europe. A new stage in the history of this bank will begin in January 2024. The new service is made possible thanks to cooperation with the Bitpanda cryptocurrency exchange.

Curt Chadha, director of innovation at Raiffeisen Bank, emphasized that the company wants to make it as easy as possible for customers to enter the market:

"The customer can use their mobile device to access Bitpanda's [platform] via the Raiffeisen app. (...) the transaction confirmation will work exactly like an account-to-account bank transfer, with the same security features customers are accustomed to."

Raiffeisen Bank is a giant with assets worth approximately USD 215 billion and serves 17.8 million customers in the European Union and Eastern Europe. The company says it is entering the cryptocurrency market to meet an important need of a "tech-savvy demographic looking for safe and diversified investment options." This group includes customers interested in smaller investments in digital assets.

Technical Market Outlook:

The ETH/USD pair has rebounded from a recent low at $1,902, successfully surpassing the 50-day moving average at $1,994 and is currently testing the intraday technical resistance located at the level of $2,091. With robust and positive momentum, the short-term outlook for ETH remains bullish, so the breakout to the upside might happen any time now. The crucial short-term technical support for ETH is situated at $1,911, and only a clear and sustained breakout below this level would prompt a shift in the short-term outlook to bearish. The next target for bulls is the swing high located at the level of $2,135.

Weekly Pivot Points:

WR3 - $2,298

WR2 - $2,208

WR1 - $2,086

Weekly Pivot - $1,996

WS1 - $1,873

WS2 - $1,783

WS3 - $1,661

Trading Outlook:

The Ethereum market has consistently formed lower highs and lower lows since reaching the swing high in mid-August 2022 at $2,029. For the bulls to sustain the upward trend, breaking through this pivotal level is imperative. The crucial technical support at $1,368 holds significance, and as long as the market maintains trades above this level, the overall outlook remains bullish.