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Crypto Industry News:
In Brazil, we are seeing a significant increase in the popularity of stablecoins, especially when it comes to Tether (USDT). According to the latest reports of Receita Federal, the special department for federal revenue in Brazil, the trading volume of USDT in 2022 exceeded the combined trading volume of all other cryptocurrencies.
In Brazil, stablecoins, especially those pegged to the US dollar such as USDC and USDT, as well as BRZ pegged to the Brazilian real, are enjoying growing interest. Receita Federal's observations since 2019 show that these are the most frequently traded stablecoins in the country.
In 2023, research showed that USDT accounts for 80% of all recorded cryptocurrency transactions. This puts it at the top of the list of the most traded digital currencies in Brazil over the past 10 months.
Despite positive indicators for the cryptocurrency industry, the dynamic growth of stablecoin trading in Brazil raises serious regulatory concerns. The increase in their trading volume is likely to increase pressure on regulations in the sector.
Receita Federal emphasized that it is closely following the developments with USDT, as it has a significant impact on tax issues. It was pointed out that the nature of crypto transactions has changed in recent years. The dominance of Bitcoin and other cryptocurrencies is beginning to be eclipsed by the growing popularity of stablecoins.
Additionally, as a result of the increase in crypto imports into Brazil, the Governor of the Central Bank of Brazil, Roberto Campos Neto, has associated cryptocurrency payments with tax evasion and illegal activities. He thus announced a significant tightening of regulations.
Technical Market Outlook:
The ETH/USD pair has broken out from the narrow zone located between the levels of $1,755 - $1,810 and made a new local low at the level of $1,787 (at the time of writing the analysis). The next target for bears is seen at the level of $1,779, but currently, the bears are again testing the local trend line support. The intraday technical resistance is seen at $1,804. The weak and negative momentum supports the short-term bearish outlook for ETH. Any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520. Please keep an eye on the monthly candle close today.
Weekly Pivot Points:
WR3 - $1,825
WR2 - $1,805
WR1 - $1,794
Weekly Pivot - $1,784
WS1 - $1,773
WS2 - $1,764
WS3 - $1,746
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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