empty
26.06.2023 09:13 AM
Technical Analysis of ETH/USD for June 26, 2023

Crypto Industry News:

One of the co-founders of the second largest cryptocurrency decided to share important facts about the future of Ethereum. Vitalik Buterin presented technical challenges related to interoperability between Layer 1 (L1) and Layer 2 (L2) solutions for the Ethereum network.

The constant improvement of the second largest cryptocurrency project is the main goal of co-founder Vitalik Buterin. He emphasizes that with the growing popularity of L2 allowing for fast and low-cost off-chain transactions, integration between the two layers is needed.

Canadian-Russian programmer and co-founder of Ethereum Vitalik Buterin has an idea to solve this problem. He proposed an architecture called asset-keystore separation. In this model, users would receive a keystore agreement containing their verification key, as well as the rules for its modification.

In such an architecture, the portfolio contracts for L1 and several L2s would cross-chain to retrieve the verification key. Buterin proposes two implementations of such a solution. The first version requires each wallet to store the verification key locally. Authorization will be done using a cross-chain proof of the current state of the keystore.

In turn, in the second version, cross-chain proof is required for each transaction. In this case, keystore updates would be much cheaper, but the cost of each transaction would increase.

Technical Market Outlook:

The ETH/USD pair hit the key technical resistance located at the level of $1,930 after a 19% rally from the last swing low and has been consolidating the recent gains in a narrow zone all weekend long. The intraday technical support is seen at the level of $1,863 and the intraday technical resistance is located at $1,911. The momentum is still strong and positive, so the breakout to the upside might happen any time now. The next target for bulls is the level of $2,000.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $1,958

WR2 - $1,919

WR1 - $1,898

Weekly Pivot - $1,881

WS1 - $1,859

WS2 - $1,842

WS3 - $1,809

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.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2

Do you know the most profitable company in the crypto industry?

While Bitcoin and Ethereum saw a fairly solid correction toward the end of the week, the most profitable company in the crypto industry — Tether — may have been quietly

Jakub Novak 16:16 2025-05-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 30

Bitcoin and Ethereum continued their corrections, falling significantly throughout yesterday. The decline extended into today's Asian session, with Bitcoin updating its price to $104,500 and Ethereum testing $2,560. Thus

Miroslaw Bawulski 09:29 2025-05-30 UTC+2

Trading tips on crypto market for May 29 (North American session)

Bitcoin has shown a fairly solid rebound, climbing back above the $108,000 mark and breaking through $109,000. The chart below highlights a morning breakout through the $108,100 level. Statistics confirm

Miroslaw Bawulski 15:46 2025-05-29 UTC+2

Bitcoin recovers to $109,000

Bitcoin quickly rebounded to the $109,000 mark today. This rapid surge, especially following yesterday's dip to around $106,600, once again highlights the strong interest from large players who take advantage

Jakub Novak 15:04 2025-05-29 UTC+2

Bitcoin demand shows no signs of fading

Bitcoin demand has shown resilience once again. After a brief dip below the $107,000 mark, the decline was swiftly bought up, demonstrating that buyers remain active and confident

Jakub Novak 13:38 2025-05-29 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 29

Bitcoin is starting a correction, and Ethereum is showing signs of strength. Yesterday, Bitcoin dipped to around $107,000 before rebounding sharply — a sign that many traders are cautious about

Miroslaw Bawulski 08:56 2025-05-29 UTC+2

Bitcoin Emerges from Wall Street's Shadow: Why the Coming Months Could Be Pivotal for the Crypto Market

The announcement that Cantor Fitzgerald, one of the largest U.S. primary dealers, is launching Bitcoin-backed lending has reshaped the crypto market. Managing $2 billion in capital for this venture

Ekaterina Kiseleva 00:31 2025-05-29 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 28

Bitcoin failed to hold above the $110,000 level, while Ethereum again showed decent growth, fueled by news of a possible significant increase in the gas limit per block

Miroslaw Bawulski 10:04 2025-05-28 UTC+2

Bitcoin Remains Within a Range Conducive to Growth

Yesterday, Bitcoin and Ethereum continued to attract demand from traders and investors, maintaining strong prospects for the continuation of the bullish market. Meanwhile, the International Monetary Fund (IMF) stated that

Jakub Novak 09:36 2025-05-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.