Ethereum's Rollercoaster Ride

Key Highlights:

• Turbulent Journey:
  • ETH/USD faced a 10% downturn, rebounding from a key support at $2,245.
• Google's ETF Shift:
  • Google's approval of US bitcoin ETF ads signifies a shift in crypto advertising globally.
• Technical Resilience:
  • Ethereum's technical outlook is resilient, targeting $2,445 post pull-back. Critical support at $2,234, with $2,134 as a key short-term level.

Crypto Industry News: Google's ETF Game-Changer

In a groundbreaking move, Google announces the approval of US spot Bitcoin ETF ads, signaling a potential revolution in cryptocurrency advertising. As of January 29, 2024, advertisers targeting US citizens with Cryptocurrency Coin Trust can showcase their products globally. Certification by Google and adherence to local legal requirements are prerequisites for ad display.

Bitcoin ETFs: Nearing the Finish Line

Google's policy shift hints at an imminent Bitcoin ETF launch. Analysts predict a staggering 90% chance of approving an American bitcoin spot fund by January 10, 2024. Key players, including BlackRock and 12 other companies, await approval. Recent talks between Grayscale, Fidelity, and the SEC add to the anticipation, suggesting significant advancements in ETF offerings.

Technical Market Outlook: Ethereum Faces Headwinds

The ETH/USDT pair recently experienced a significant 10% plunge, wiping out all gains from the previous week. The latest peak reached $2,400, marked by a Shooting Star candlestick pattern at its pinnacle. As anticipated, the price swiftly descended, breaching all technical support levels except for the robust key short-term support, facilitating a prompt rebound to the current level of $2,245. Presently, the market hovers between the 50 and 100 Moving Averages on the H4 timeframe chart.

Navigating the Ether Storm

Upon completion of the pull-back, the upward trend is expected to resume. Bulls eye the next target at $2,445. The crucial short-term technical support stands at $2,234, and only a sustained breakout beneath this level would shift the short-term outlook towards a more bearish scenario. The key short-term technical support remains firm at $2,134.

Weekly Pivot Points: Charting Future Moves

Pivot Points, integral in technical analysis, outline potential trend reversals and support/resistance levels for the week:

• WR3: $2,666
• WR2: $2,456
• WR1: $2,350
• Weekly Pivot: $2,245
• WS1: $2,140
• WS2: $2,036
• WS3: $1,826

Trading Outlook: Ethereum's Resilience

The Ethereum market, ascending from a $1,520 low, underscores resilience. With crucial long-term support at $1,368, a bullish outlook prevails as long as trades remain above. Key mid-term technical support lies at $1,913, emphasizing Ethereum's potential for future gains.

Useful Links

• More Artcles
• InstaTrade Course for Beginners
• Open Trading Account

Important Reminder

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

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