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Crypto Industry News:
Anatoly Yakovenko, co-founder of smart contract platform Solana, highlights the potential of cryptocurrencies in simplifying everyday payments. In a conversation with Austin Federa, he draws attention to the most obvious application of cryptocurrencies - simple transfers.
According to Yakovenko, digital assets have the potential to revolutionize online finance. This may also affect the situation of online content creators. Platforms such as Twitter and Tik Tok currently dominate the financial relationship between creator and recipient. Thanks to cryptocurrencies, this dynamic may change.
He points out that the current system keeps creators tied to the financial systems of the platforms that use their content. He wonders whether they really work for themselves or for the platform.
"When creators are committed to only one platform, it is difficult for them to leave. This definitely affects their income. In practice, they don't work for themselves, but for Twitter or TikTok. "All finance is done through these platforms."
Yakovenko believes that cryptocurrencies can bring significant changes in this area. The simple ability to send money quickly and cheaply without having to leave the platform can tip the scales in favor of crypto. Fast payments are just one of many applications that cryptocurrencies may offer in the near future.
Technical Market Outlook:
The ETH/USD pair has resumed the down move and made a new local low at the level of $1,542. Moreover, the bears had broken below the short-term trend line support as well, so this is another indication of how strong the bearish pressure is. The market is currently consolidating very close to the key technical support located at the level of $1.530. The intraday technical resistance is seen at $1,600 and $1,582. The momentum is weak and negative, so the short-term outlook for ETH remains bearish with a potential target seen at the level of $1,369.
Weekly Pivot Points:
WR3 - $1,665
WR2 - $1,638
WR1 - $1,628
Weekly Pivot - $1,622
WS1 - $1,611
WS2 - $1,606
WS3 - $1,589
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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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