Crypto Industry News:
One of the biggest topics that has been debated in the cryptocurrency ecosystem for years is how the emergence of institutional investors will transform the sector and take it to new and higher levels. What will change when the world’s largest asset managers enter the crypto scene.
The severe crisis of 2022, which wiped out more than $ 2 trillion from the total cryptocurrency market capitalization, put an end to the expectations of many. However, new Fidelity data shows that institutions are still interested in getting exposure to an emerging asset class.
According to the 2022 Institutional Investor Digital Assets Study conducted by Fidelity Digital Assets, which surveyed 1,052 institutional investors in Asia, Europe and the United States. It found that more institutions are now investing in cryptocurrencies than a year ago, when the cryptocurrency market was rising.
“Despite the difficulties in the market, the adoption of digital assets among the surveyed institutional investors increased in both the US (42%) and Europe (67%), a 9-point and 11-point change year-on-year, respectively,” Fidelity wrote in the report.
Institutional investors in Asia have seen a slight decline in popularity over the past year, but are still the most accepting of digital assets of all regions surveyed, with 69% of respondents reporting an allocation to digital assets.
Overall, 58% of those polled reported having digital assets in the first half of 2022, a 6% increase year on year. Both Bitcoin and digital assets as a whole were positively rated by 51% of respondents.
Technical Market Outlook:
The ETH/USD pair has been seen making a local pull-back on the H4 time frame chart after the 19% rally hit the level of $1,594. The breakout was strong and might extend even higher when the pull-back is done. The momentum on the H4 time frame chart had hit the extremely overbought market conditions and is currently coming off this levels. The nearest technical support is seen at $1,473 and the level of $1,513 will now act as the intraday technical resistance. The next target for bulls is seen at $1,645.
Weekly Pivot Points:
WR3 – $1,413
WR2 – $1,379
WR1 – $1,357
Weekly Pivot – $1,345
WS1 – $1,323
WS2 – $1,311
WS3 – $1,267
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 – $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.
The material has been provided by InstaForex Company – www.instaforex.com