31.07.202310:23 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 31, 2023

Crypto Industry News:

Russian Deputy Prime Minister Alexei Overchuk said that the issue of the common currency of the BRICS countries may be the subject of the upcoming summit of the bloc's leaders. Earlier, a senior South African official denied similar reports.

Alexei Overchuk said in an interview that the issue of creating a BRICS currency may, however, be raised at the upcoming summit of this economic bloc, which will take place from August 22 to 24 in South Africa:

"The BRICS leaders will hold a meeting soon where they can raise the issue of the settlement system. Perhaps the idea of creating a basket of currencies based on a specific payment unit will also be discussed," he said.

He added that "Perhaps the leaders will decide to commission the appropriate expert bodies to investigate this matter. He stressed that "this is a very difficult matter."

While the Russian deputy prime minister believes that the BRICS single currency could be discussed at the summit, the South African diplomat in charge of relations with the BRICS, Anil Sooklal, recently stated that this would not be the case. In his opinion, the issue was not on the agenda of the meeting hosted by his country.

Moreover, Leslie Maasdorp, vice president and chief financial officer of New Development Bank, the so-called the BRICS banker, recently explained that the economic bloc has no plan to quickly launch a currency to compete with the USD.

Technical Market Outlook:

The ETH/USD pair has broken out form the local triangle pattern on the H4 time frame chart. The next target for bears is seen at the level of $1,827 which is the key short-term technical support level. Any violation of this level would open the road towards the next target located at $1,777. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for ETH. The intraday technical resistance is seen at the level of $1,888.

Weekly Pivot Points:

WR3 - $1,906

WR2 - $1,885

WR1 - $1,874

Weekly Pivot - $1,863

WS1 - $1,853

WS2 - $1,842

WS3 - $1,821

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.