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Crypto Industry News:
The European Banking Federation (EFB) has published a document detailing its vision for the digital money ecosystem of the future, and in particular the retail digital Euro. The carefully crafted document expressed the values and concerns of the digital Euro from the perspective of commercial banks.
The published article emphasized the bank's values of stability and privacy. He called for closer public-private partnerships in the introduction of the digital Euro. "There is currently no dialogue on fundamental changes and threats to the monetary and financial system," we read. At the same time, there must be a framework for continued high-level engagement.
The EBF ecosystem vision emphasized the role of the private sector in all aspects, starting with infrastructure, where Europe needs to reduce dependence on external actors. This ecosystem would include three components: a digital Euro, a wholesale central bank digital currency (CBDC) and bank-issued cash tokens.
In the EFB's vision, the digital Euro should have three tiers, with the role of the European Central Bank and two industry tiers - one that interacts with the Single Euro Payments Area and an industry B "which would then be developed and operated by the private sector, in line with the rules set out in the previous layers. These rules are not yet fully developed:
"The European market needs authorities to explain the interaction of different and converging policy objectives, especially when it comes to the development of pan-European payment solutions at the point of sale / point of interaction."
The document cautiously referred to Blockchain technology only in relation to some parts of the envisaged ecosystem. It was assumed that the wholesale CBDC, where interoperability is the key to enabling cross-border transactions with central bank money, will operate in DLT technology.
Technical Market Outlook:
The ETH/USD pair has been rejected from the swing high located at the level of $1,858 and moved towards the 50 MA on the H4 time frame chart. The next target for bulls is seen at the level of $2,000 (round psychological level), but there is still a long road ahead bulls. The intraday technical support is still seen at the level of $1,713 and the intraday technical resistance is located at $1,800 and $1,764. The momentum is strong and positive on the H4 time frame chart, so the short-term outlook for ETH remains bullish.
Weekly Pivot Points:
WR3 - $1,809
WR2 - $1,787
WR1 - $1,773
Weekly Pivot - $1,765
WS1 - $1,751
WS2 - $1,742
WS3 - $1,720
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.
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