03.11.202209:39 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 3, 2022

Crypto Industry News:

MoneyGram International, a global peer-to-peer payment company, announced the launch of a new service that allows US users of the MoneyGram mobile app to buy, sell and store cryptocurrencies.

Users can use the MoneyGram app to access Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The company indicated that it intends to add support for additional tokens in 2023. It also signaled that it will seek expansion into markets, which is allowed by global regulations.

This announcement is the latest cryptocurrency initiative adopted by the company as part of its vision to increase cryptocurrency adoption by reviving "real-world cryptocurrency and blockchain use cases."

Technical Market Outlook:

The ETH/USD pair has made a 10% pull-back from the rally high located at $1,663 and keeps going lower. The market keeps trading below the technical resistance located at the level of $1,594 and below the local trend line. The bulls tried to rally, but made only a false breakout above the local trend line and the market reversed lower. The momentum on the H4 time frame chart has broken below the level of fifty and points to the downside. The nearest technical support is seen at $1,513 and the level of $1,594 will now act as the intraday technical resistance.

Weekly Pivot Points:

WR3 - $1,647

WR2 - $1,1612

WR1 - $1,596

Weekly Pivot - $1,578

WS1 - $1,561

WS2 - $1,543

WS3 - $1,509

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 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.