Crypto Industry News:

Nike has entered into an agreement with the Chinese company AntChain to use its solutions based on blockchain. They are to be used to track shoes (and their users) that Nike equips with chips embedded in the sole

For some time, however, some varieties of Nike shoes have been distinguished by chips in the sole, the purpose of which is to trace the origin of the shoes in order to be able to recognize and eliminate counterfeits at any time.

It does not stop there. Last Sunday, June 18, Nike announced a partnership with AntChain, a company belonging to the Alibaba group. The partnership is to use blockchain-based AntChain solutions to track Nike shoes. What's more, the chips in the soles are also supposed to contain dynamically encrypted NFC chips, so that tracking can be done remotely.

Interestingly, Nike has its own blockchain solutions, but concentrates their use in other areas. AntChain, on the other hand, offers its blockchain in a spine-chilling formula called Traceability as a Service (TaaS). Given the state of privacy protection in the Middle Kingdom, it is not surprising that this company can be considered an expert in the field of tracking.

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. The intraday technical support is seen at the level of $1,777. The market conditions are extremely overbought on the H4 time frame chart, so please keep an eye on this level as the pull-back can haapen any time now.

Weekly Pivot Points:

WR3 - $1,747

WR2 - $1,733

WR1 - $1,724

Weekly Pivot - $1,719

WS1 - $1,713

WS2 - $1,704

WS3 - $1,690

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.