16.03.202309:56 Forex Analysis & Reviews: Technical Analysis of ETH/USD for March 16, 2023

Crypto Industry News:

The Pokemon Company, the corporation responsible for the development of the Pokemon brand, is probably preparing for some moves regarding the metaverse. The company is currently looking for employees who specialize in areas such as blockchain technology, Web3 and the metaverse.

The company is currently looking for a "Corporate Development Director" who will be responsible for building strategies and developing partnerships that can contribute to the development of the Pokemon brand. It is about cooperation that will help to implement new ideas and solutions. So there are many indications that soon Pokemon fans will be able to breed their favorite creatures in the new metaverse. The new employee will be required to have "a strong knowledge and understanding of Web3, including blockchain and NFT and/or metaverse technologies."

It is worth noting that Nintendo, which is behind the games from the world of Pokemon, has already signaled that it may want to invest in new technologies. In February 2022, the company's president, Shuntaro Furukawa, stated that the metaverse is an idea with great potential. However, he added that the company he leads will want to offer a new and fresh look at this technology.

So far, however - at least officially - no steps have been taken in this direction. This sets Nintendo apart from other game developers who have already incorporated NFT, Web3 and the metaverse into their productions. An example is Square Enix, which has confirmed that it will release several games in the coming years that will use NFT.

Technical Market Outlook:

The ETH/USD pair has made a three wave corrective cycle towards the level of $1,615 and might be ready to resume the up trend. The bulls need to break above the intraday technical resistance located at the level of $1,665 in order to resume the rally. The intraday technical support comes with the help of 50 MA seen at $1,619 and 100 MA seen at $1,644 as well as the level of $1,664. The positive momentum on the daily time frame chart supports the short-term bullish bias for ETH, however the market conditions are extremely overbought, so a pull-back or a local consolidation might continue for some time.

Weekly Pivot Points:

WR3 - $1,709

WR2 - $1,656

WR1 - $1,629

Weekly Pivot - $1,603

WS1 - $1,575

WS2 - $1,550

WS3 - $1,497

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.