31.01.202310:46 Forex Analysis & Reviews: Technical Analysis of ETH/USD for January 31, 2023

Crypto Industry News:

The English Premier League, known to all football fans, has established cooperation with Sorare, an issuer of digital trading cards and a gaming platform. The result of this partnership is to be a collection of NFTs that players will be able to use to build virtual teams and compete during the game.

The English football league, which hosts matches of such football giants as Manchester City, Chelsea London and FC Liverpool, intends to transfer its fans to the virtual world. All this thanks to a new partnership that has been established with Sorare, a French platform for virtual games that use trading cards in the form of non-fungible tokens (NFT).

"Football fans around the world can now collect, buy, sell and trade officially licensed digital cards representing every player from 20 Premier League clubs," reads an official announcement on the company's medium.

The cooperation agreement concluded between these two entities will allow NFT investors to create their own teams and compete with them during a virtual game. The partnership has been signed for a period of four years and is valued at around 120 million British pounds ($150 million).

Technical Market Outlook:

The Ethereum cryptocurrency rally had been capped at the level of $1,664 after the bulls hit the extremely overbought market conditions on the H4 time frame chart. The market continues the corrective cycle to the downside as there is still wave C missing to complete this cycle. The nearest technical support is seen at $1,525 and $1,487. The key technical support is located at $1,350 and only clear and sustained breakout below this level would change the short-term outlook to bearish. Please keep an eye on the $1,487 technical support as any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.

Weekly Pivot Points:

WR3 - $1,834

WR2 - $1,702

WR1 - $1,628

Weekly Pivot - $1,570

WS1 - $1,496

WS2 - $1,438

WS3 - $1,307

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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.