30.05.202208:27 Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 30, 2022

Crypto Industry News:

The relationship of Elon Musk and his adopted child in the form of a cryptocurrency-meme is in full swing. On Friday, May 27, the CEO of Tesla and SpaceX announced on his Twitter that SpaceX intends to allow Dogecoin to buy its goods in the same way that Tesla does.

As always, Elon's tweet contributed to the rapid upward movement of Dogecoin's price. This time a small one, but you can still see the strength of Musk's short tweets, the undeniable leader in the group of Dogecoin shillers. The price jumped from $ 0.0783 to $ 0.0849, posting an 8% increase in just one hour.

Musk also referred to a user's tweet about the nickname Elonoshi Muskamoto, who asked if he planned to allow Dogecoin to pay for subscriptions for Internet provided by Starlinks. "Maybe one day," Elon replied shortly.

Technical Market Outlook:

The ETH/USD pair might had made a Double Bottom price pattern and is now heading up as the bounce continues. The nearest technical resistance is seen at $1,941, but the market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend intact. In order to terminate the down trend, the bulls must break through the key short-term technical resistance located at the level of $2,199.

Weekly Pivot Points:

WR3 - $2,344

WR2 - $2,313

WR1 - $1,970

Weekly Pivot - $1,829

WS1 - $1,578

WS2 - $1,463

WS3 - $1,233

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.