04.01.202210:59 Forex Analysis & Reviews: Technical Analysis of ETH/USD for January 4, 2022

Crypto Industry News:

Marshall Mathers III, better known as Eminem, has joined the "Bored Ape Yacht Club" (BAYC) by purchasing one of the NFT Bored Apes tokens for $ 462,000 on the NFT OpenSea marketplace. Eminem's Bored Ape presents a gold chain necklace and a khaki military hat that he wears in real life and which have been officially added to his portfolio by OpenSea.

The NFT "EminApe" was created by GeeGazza in collaboration with Bored Ape. The transaction was finalized by the digital agency Six, which previously collaborated with other celebrities from the NFT sector, including Wu-Tang Clan, Tycho and Galantis.

This is not the first time that Eminem has invested in an NFT. The Missouri-born rapper currently owns several NFT OpenSea called "Shady Holdings." Eminem's portfolio also includes several NFT "Lil Baby Doodles X".

The NFT market is gaining popularity every day. Many celebrities have expressed an interest in the NFT and have already revealed their own designs. A $ AP Rocky, Snoop Dogg, Kings of Leon and The White Stripes are among the musicians who have already embraced the NFT movement.

Technical Market Outlook:

The ETH/USD bounce had been capped at the level of $3,855 and the market reversed back lower. Ethereum is currently trading close to the technical support seen at the level of $3,694 and the next target for bears is seen at the level of $3,438 and this is the key long-term technical support for bulls, so please keep an eye on price behavior around this level. Only a sustained breakout above the level of $3,855 would change to short-term outlook for bullish.

Weekly Pivot Points:

WR3 - $4,616

WR2 - $4,372

WR1 - $4,083

Weekly Pivot - $3,832

WS1 - $3,531

WS2 - $3,288

WS3 - $2,987

Trading Outlook:

The WXYXZ complex corrective cycle might soon be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.