19.12.202210:50 Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 19, 2022

Crypto Industry News:

Former president of the United States and billionaire Donald Trump is probably a person who needs no introduction. Recently, he decided to publish his own collection of non-replaceable NFT cards, decorated with his image. His collection of "baseball cards" sold out in less than 24 hours, which makes it a great success, considering the market sentiment of investors, in terms of the last few cold months. The wider community around the cryptocurrency market, however, reacted with more amusement than enthusiasm, because those who have been in the industry a little longer remember Trump's statements about digital assets, in which he simply called them a simple "scam".

The collection was realized in various cards, some of which represented particular interests or sectors of the eccentric president's life. These included images of Trump dressed as an astronaut, a cowboy or a racing driver. Interestingly, "Trump Digital Trading Cards (NFTs) are for personal enjoyment only, not for investment purposes," the collection page explains. Despite this, individual cards, as a result of the draw, offered lucrative prizes to the winners, such as a zoom with the former president, or even a personal meeting and dinner. The collection had a total of 2,533 NFTs sold for $99 each, bringing the sale to over $250,000.

Technical Market Outlook:

The Ethereum cryptocurrency has made a new local high at the level of $1,350 and then retraced more than 61% during the corrective cycle. The level of $1,350 is the key short-term technical resistance for bulls, so in order to continue the up move the bulls need to break through it on their way towards $1,400. The bulls were rejected from this level towards the 100 SMA on the H4 time frame chart and are consolidating around the level of $1,200 inside a Triangle pattern. The level of $1,217 will act as the technical resistance, so please keep an eye on this level. The momentum is weak and negative already, so the corrective cycle might extend towards the technical support located at $1,150.

Weekly Pivot Points:

WR3 - $1,222

WR2 - $1,201

WR1 - $1,190

Weekly Pivot - $1,181

WS1 - $1,169

WS2 - $1,160

WS3 - $1,139

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 at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.