25.05.202208:13 Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 25, 2022

Crypto Industry News:

South Korean crypto exchanges have received notifications from the police asking to sequestrate funds related to the Luna Foundation Guard.

Korean authorities have sent a request to the country's top crypto exchanges to prevent withdrawal of funds. Specifically, it was the Metropolitan Police Agency in Seoul that asked to prohibit the Luna Foundation Guard from taking any action. Police say they have found clues that could link the organization to embezzlement.

The crash of the Luna / Terra algorithmic stablecoin, which cut the coin's value by more than 99%, crushed investors' wallets overnight earlier this month.

However, this request is not a request and cannot be enforced by operation of law, so each exchange can choose how it wants to respond.

Technical Market Outlook:

The ETH/USD pair has successfully bounced from the range low located at the level of $1,887 and is heading higher, however, in the short time-frame perspective the market is still moving sideways, so the market is trend less for now. The nearest technical resistance is seen at $2,106 and $2,199, but the weak and negative momentum still supports the short-term bearish outlook. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend intact.

Weekly Pivot Points:

WR3 - $2,386

WR2 - $2,268

WR1 - $2,122

Weekly Pivot - $2,009

WS1 - $1,865

WS2 - $1,755

WS3 - $1,597

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 $2,000 and continues to make new lower lows with no problems 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 level of $1,420.