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.

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

Trading tips for crypto market on October 8 (North American session)

Bitcoin gradually recovers after a correction to $121,000, now trading around $123,000. Ethereum, meanwhile, is showing a quieter performance. It has been reported that S&P Global, the company behind

Miroslaw Bawulski 15:17 2025-10-08 UTC+2

Bank of England plans series of stablecoin-related reforms

According to media reports, the Bank of England is preparing to introduce exceptions to its proposed restrictions on stablecoins — a move signaling a shift in approach

Jakub Novak 15:03 2025-10-08 UTC+2

SEC opens door to new crypto projects

Bitcoin experienced a solid correction yesterday during the US trading session. The movement from $125,000 down to $120,500 was quite active, after which the first buyers began to step

Jakub Novak 09:53 2025-10-08 UTC+2

Cryptocurrency Market Trading Recommendations for October 8

Bitcoin posted a notable decline yesterday, pulling back to more attractive buying levels around $121,000. Many traders are now wondering whether this drop will continue or if it's merely

Miroslaw Bawulski 08:59 2025-10-08 UTC+2

Bitcoin Forecast for October 8, 2025

Bitcoin's exchange rate against the U.S. dollar has been correcting for the second consecutive day after a strong upward movement that began on September 26. If today's daily candle closes

Laurie Bailey 06:50 2025-10-08 UTC+2

Crypto market: growth as baseline scenario

The macroeconomic environment, sustained institutional demand, and expectations of a dovish Federal Reserve make the scenario of Bitcoin reaching new all-time highs in Q4 the base case. In any event

Jurij Tolin 14:14 2025-10-07 UTC+2

US government shutdown supports demand for crypto assets

Bitcoin reached a new all-time high yesterday, climbing to around $126,206. Concerns over a potential US government shutdown and political crises in France and Japan have driven traders toward alternative

Jakub Novak 11:10 2025-10-07 UTC+2

Cryptocurrency Market Trading Recommendations for October 7

If we examine the daily chart, Bitcoin has displayed a steady and strong uptrend for nine consecutive days, excluding October 4. The price rebounded from $109,000 to $126,200. Ethereum

Miroslaw Bawulski 07:42 2025-10-07 UTC+2

European regulator gears up to tackle crypto market

While Bitcoin is hitting new all-time highs and Ethereum is also heading for its own highs, the European regulator is preparing to tighten oversight of the crypto sector

Jakub Novak 13:28 2025-10-06 UTC+2

Unprecedented BTC withdrawals from exchanges

Even though Bitcoin reached a new all-time high over the weekend, crossing above the $125,700 mark, Swissblock reports record-breaking BTC outflows from exchanges. The last time such a large outflow

Jakub Novak 09:47 2025-10-06 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.