16.10.202308:36 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 16, 2023

Crypto Industry News:

The popular MetaMask cryptocurrency wallet was removed from the App Store for several hours. The inability to download the application to the Cupertino company's devices turned out to be only a temporary problem. Nevertheless, theories quickly began to spread on social media as to why explaining the lack of MetaMask on the App Store.

MetaMask is temporarily unavailable on the App Store. What was the reason for this?

MetaMask is a very popular cryptocurrency wallet on the Ethereum network. It is used by over 30 million users on a daily basis. This is why the lack of MetaMask on the App Store on Saturday, October 14, caused so much noise around the cryptocurrency community. On the X platform, some people even predicted that this was the end of MetaMusk for Apple devices.

According to a MetaMusk spokesperson, the issue of several hours of inaccessibility to the app on the App Store was not caused by a breach of the security of the wallet infrastructure. Everything indicated that Apple was behind the disappearance of MetaMusk from the App Store. According to App Store rules, apps are not allowed to run any "unrelated background processes" such as cryptocurrency mining. However, it turned out that the lack of MetaMask in the App Store was only temporary, because after a few hours of absence, it was again possible to download the application to Apple devices.

Technical Market Outlook:

The ETH/USD pair has bounced from the yearly low located at the level of $1,520 and is currently heading towards the 100 MA on the H4 time frame chart located at $1,591. Moreover, the bears had broken below the short-term trend line support as well, so this is another indication of how strong the bearish pressure is. The intraday technical resistance is seen at $1,599 and the intraday technical support is seen at $1,563. The momentum is weak and negative, so the short-term outlook for ETH remains bearish with a potential target seen at the level of $1,369.

Weekly Pivot Points:

WR3 - $1,663

WR2 - $1,601

WR1 - $1,589

Weekly Pivot - $1,569

WS1 - $1,557

WS2 - $1,537

WS3 - $1,506

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.