29.12.202210:38 Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 29, 2022

Crypto Industry News:

Dmitry Medvedev, one of Russia's most important politicians, believes that the traditional fiats - the US dollar and the Euro - will lose their importance. The reverse process will take place in the case of digital currencies.

Dmitry Medvedev - a Russian politician who was the country's president in 2008-2012 - believes that the International Monetary Fund (IMF) and the World Bank may collapse in 2023. He suggested that such events could reduce the impact of the Euro and dollar and increase the use of digital currencies.

Tron founder Justin Sun agreed with Medvedev's "revelatory comment". He also maintains that China's cryptocurrency adoption is gradually increasing and that "the best is yet to come."

Medvedev also claims that the Bretton Woods system, which is the foundation of US power, may eventually be destroyed.

"The Bretton Woods money management system will collapse, leading to the collapse of the IMF and the World Bank. The Euro and dollar will cease to circulate as global reserve currencies. Digital fiat currencies will be used instead," he said.

Technical Market Outlook:

The Ethereum cryptocurrency has retraced 38% of the last wave down on the H4 time frame chart and is currently trading close to this level, consolidating the recent gains. The 100 SMA is seen at the level of $1,246, so bulls need to break through this level in order to continue the bounce towards the technical resistance seen at $1,278. The intraday volatility is very limited., nevertheless the key short-term technical support is seen at the level of $1,150 and if the level of $1,183 is broken, this will be the next target for bears.

Weekly Pivot Points:

WR3 - $1,258

WR2 - $1,240

WR1 - $1,230

Weekly Pivot - $1,221

WS1 - $1,212

WS2 - $1,201

WS3 - $1,184

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 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.