29.08.202209:43 Forex Analysis & Reviews: Technical Analysis of ETH/USD for August 29, 2022

Crypto Industry News:

The COVID-19 pandemic has undoubtedly changed our lives. In March 2021, as many as 43% of respondents said that they visit brick-and-mortar stores less frequently. At that time, it was probably influenced by the fear of contracting the coronavirus. Then the situation normalized in May this year as this percentage has dropped to 20%, which is still a considerable value, however.

It can be considered that the pandemic has permanently changed our habits and helped us learn to use the Internet in a new way. The number of consumers who choose to shop online is growing. In May 2022, as many as 33% of Poles declared that they prefer to order products this way rather than go to stationary stores for them. This is as much as 9 percentage points (an increase from 24%) more than in March 2021.

However, 37% of survey participants mentioned high delivery costs as a barrier when shopping online, 36% - lack of trust in online retailers.The 16% of respondents declared that they intend to buy fewer physical items in the future.

"It is expected that with the development of platforms such as the Metaverse, this percentage will increase," the authors of the report add. This means some opportunity for the NFT market. Consumers may in the future buy not a CD of their favorite artist, but digital music along with tokens that confirm the originality of the files.

Technical Market Outlook:

The ETH/USD pair has been seen making new lower lows as the price is approaching the technical support located at $1,358. The nearest technical resistance is seen at $1,530 - $1,559 and must be clearly violated in order to trigger the up move. The key short-term technical support is located at the level of $1,358 and if clearly violated, then the next target for bears is located at $1,281. The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:

WR3 - $1,532

WR2 - $1,486

WR1 - $1,468

Weekly Pivot - $1,444

WS1 - $1,424

WS2 - $1,400

WS3 - $1,355

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. 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 $1,358. The key technical support for bulls is seen at $1,281.