04.07.202208:01 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 4, 2022

Crypto Industry News:

Meta Platforms, formerly Facebook, has announced the closure of its Novi digital wallet project, and users are advised to withdraw funds as soon as possible.

The Meta owner announced on Friday that his Novi crypto pilot project "will come to an end soon." In a website announcement it was stated that Novi would no longer be available after September 1.

In Friday's announcement, Meta explained that as of July 21, users will no longer be able to add money to their Novi accounts. Meanwhile, from September 1, the Novi application will be shut down, and users will not be able to log into their accounts.

The company approached interested parties asking them to withdraw their funds before September 1. After this date, all non-retired resources will be transferred to the bank accounts or debit cards of users associated with their Novi accounts.

Novi is a digital wallet that allows you to send money instantly with no fees using cryptocurrency. Meta released Novi in beta last October with Coinbase as a fiduciary partner.

Meta is developing its metaverse business. CEO Mark Zuckerberg said last week that his company wants to attract billions of people to use the metaverse, generating huge revenues for Meta.

Zuckerberg also announced that Facebook Pay is changing its name to Meta Pay. He also announced a digital wallet for Metaverse.

Technical Market Outlook:

The ETH/USD pair has been seen moving sideways all weekend long. The price had been bouncing inside the tight zone located between the levels of $1,086 - $1,041. The technical supports are seen on the levels of $1,041, $1,026 and $996. The larger time frame chart trend remains down and as long as the key short-term technical resistance, located at the level of $1,280, is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 - $1,452

WR2 - $1,340

WR1 - $1,207

Weekly Pivot - $1,098

WS1 - $957

WS2 - $839

WS3 - $701

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 $1,420 and bears continue to make new lower lows with no problem 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 levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 11th consecutive week now.