Credit: Original article published by The Capital.

The European Investment Bank will issue a two-year €100 million ‘digital bond’ on the Ethereum blockchain, led by Goldman Sachs, Banco Santander, and Societe Generale. This is possibly the biggest low-key nod of approval for the network in its entire existence.

Let’s dig in.

European Investment Bank to issue €100mn ‘digital bond’ on ETH

Ethereum, the second-largest cryptocurrency by market capitalisation will be used by the European Investment Bank (EIB) to launch a so-called ‘digital bond’ sale in an unprecedented nod of EU approval.

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Technically speaking

Bitcoin marches on

BTC/USD trades above $54,800 as it inches closer to pivotal levels mentioned in Monday’s newsletter. The general thesis remains the same: bitcoin needs to overcome these pockets of liquidity before printing new all-time highs. A decisive daily close above $58,000 gives credence to a high-probability move above $64,000 and towards $70,000.

Still, there’s no major rush to pile into the BTC/USD trade so long as the above conditions are not met. In fact, Bitcoin is technically still re-testing high time-frame support-turned-resistance.

If the bears are correct — which I don’t for a moment think that they are — the first sign of a fake recovery would be a drop below $52,000, printed on the 4-hourly. In this case, the bullish picture would be postponed, and the 20-weekly EMA would once again bear a lot of significance for bulls looking for high-time-frame support.

For the uninitiated, support and resistance (s/r) levels are not magical arbitrary lines. They are meaningful levels because the market dictates that they are. Left-over spot buy/sell orders, derivatives, options, and futures, and forced liquidations make these levels important. S/R levels are a description of probable & consequential market behaviour. As such, they are neither static nor absolute but evolving with time.

But I digress.

No brakes on the Ether train

Meanwhile, ETH/USD is relentlessly pushing higher towards the measured move price target of $2,883.

The pair has been essentially immune to Bitcoin-led weakness, and nothing has really changed since Monday aside from bullish news hailing from the European Investment Bank. Various articles have emerged attempting to connect ETH/USD price-action to this news, which might be partly true. But as any seasoned analyst worth his salt will tell you, show me the charts, and I’ll tell you the news.

As this wave of investor strength intensifies, ETH/BTC targets the ₿0.05 level, which, if conquered, will pave the way to ₿0.055.

All in all, Ethereum is bullish, and this long-term ETH/BTC chart is a testament to that.

Catch you next time.

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Read More: European Investment Bank to issue €100mn ‘digital bond’ on ETH

https://chrisoncrypto.com/blog/f/european-investment-bank-to-issue-digital-bond-on-ethereum
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Best regards,
Christopher Attard
Founder of Chris on Crypto
Contributor to www.cityam.com
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European Investment Bank to issue €100mn ‘digital bond’ on Ethereum! was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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