Crypto Industry Insights

Jenny Johnson's Crypto Portfolio: In a recent interview, Franklin Templeton Investments CEO, Jenny Johnson, revealed her personal cryptocurrency holdings. Johnson, overseeing assets nearing $1.5 trillion, disclosed investments in Ethereum, Bitcoin, SushiSwap, and Uniswap. Despite comprising a small fraction of her overall portfolio, this move reflects a growing trend of institutional leaders embracing digital assets.

Market Surge and ETF Optimism: Cryptocurrencies, led by Bitcoin's 150% surge year-to-date, are riding high on optimism surrounding a potential spot Bitcoin ETF approval and expectations of a Federal Reserve pivot in the coming year. Franklin Templeton's September filing for a spot Bitcoin ETF adds to the anticipation, as Wall Street races for the first such product in the U.S.

Technical Market Outlook:

ETH/USD Pair Dynamics: The ETH/USDT pair recently marked a new swing high at $2,311, followed by a 4.3% pullback with a local low at $2,218. A potential Bearish Divergence between price and momentum on the H4 time frame could have triggered the pullback. Despite the downward move, the overall momentum remains positive. However, the RSI indicator nearing the fifty level signals bearish dominance on lower time frames.

Future Outlook: Upon completion of the pullback, the upward trend is expected to resume, with the next bullish target at $2,445. Key short-term technical support levels are identified at $2,234 and $2,134. As long as the price remains above the crucial technical support at $1,368, the overall outlook stays bullish. The key mid-term support is positioned at $1,913.

Weekly Pivot Points

• Resistance:
  • WR3 - $2,621
  • WR2 - $2,422
  • WR1 - $2,323
• Pivot:
  • Weekly Pivot - $2,183
• Support:
  • WS1 - $2,104
  • WS2 - $1,964
  • WS3 - $1,745

Trading Outlook: The Ethereum market's upward trajectory, initiated from the $1,520 low, remains intact. Crucial technical support at $1,368 underscores the bullish sentiment. Traders should monitor key support levels and anticipate the resumption of the overall uptrend as the pullback concludes.

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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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