23.03.202309:51 Forex Analysis & Reviews: Technical Analysis of ETH/USD for March 23, 2023

Crypto Industry News:

The introduction of the central bank digital currency (CBDC) by the US authorities raises many controversies and fears among citizens, but also politicians. Many people openly oppose the introduction of this type of asset due to the fact that it will be directly controlled by the US Federal Reserve. This, in turn, gives the authorities direct access to control the movements of citizens, their spending and conduct in relation to their surveillance. Among the senators who do not hide their criticism of this idea is a representative of the Republicans - Ted Cruz.

On March 21, Senator Ted Cruz introduced a bill that seeks to block the introduction of a central bank digital currency by the Fed. The politician justifies his actions with the fear that the American central bank may use direct supervision of the digital dollar to spy on citizens.

His bill received support from Cruz's Republican colleagues. Senators Mike Braun of Indiana and Chuck Grassley of Iowa also oppose the introduction of the CBDC by the Federal Reserve. Both stated that they are deeply convinced that the digital dollar will become a tool for surveillance of citizens.

The fact that the scale of the problem regarding CBDC in the United States is really large is evidenced by the ever-growing number of politicians who oppose the Federal Reserve on this issue. Well, Cruz, Braun and Grassley aren't the only people with ties to the Senate to agree to block the process. Florida Governor Ron DeSantis also joined the protest.

Technical Market Outlook:

The ETH/USD pair has made a temporary top at the level of $1,845. The bulls has been trying to break through this level four time already, but in the end thy failed and price dropped over 7% towards the level of $1,724. The intraday technical support is still seen at the level of $1,727, but due to the negative momentum on the H4 time frame chart, this level is under pressure. The bulls might use the help of 50 MA seen at $1,743 and 100 MA seen at $1,636. Once the correction is completed, the up trend should be resumed.

Weekly Pivot Points:

WR3 - $1,857

WR2 - $1,810

WR1 - $1,788

Weekly Pivot - $1,764

WS1 - $1,741

WS2 - $1,717

WS3 - $1,641

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.