Crypto Industry News:

Despite the slowdown in the cryptocurrency market, VC companies (venture capital - venture capital investing mostly in startups) have not lost interest in the sector and continue to invest in crypto projects. According to a report from Wu Blockchain in June 2022, VCs invested approximately $ 3.67 billion in crypto startups.

A report citing data from Dove Metrics revealed that the figure was up 60% year-on-year and was down 18% compared to the previous month in May.

According to the data, there were 191 investment projects opened by VC in June, 15% less than in May, when 225 rounds were held. However, this number increased by 42.5% compared to June 2021, which saw around 134 funding rounds.

The crypto projects that raised funds from VC last month span a variety of industry sectors including CeFi, DeFi, NFT, Web3, and blockchain infrastructure. The report found that CeFi firms raised the largest share of the month's funding as they sought a solution to their liquidity problems.

Technical Market Outlook:

The ETH/USD pair has retraced 61% of the last wave down, hit the level of $1,171 and then the bounce was capped. The technical supports are seen on the levels of $1,114 and $1,086. The larger time frame chart trend remains down and as long as the key short-term technical resistance, located at the level of $1,280, is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 - $1,452

WR2 - $1,340

WR1 - $1,207

Weekly Pivot - $1,098

WS1 - $957

WS2 - $839

WS3 - $701

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 11th consecutive week now.