14.07.202209:57 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 14, 2022

Crypto Industry News:

Although the word 'most desirable' in the context of the financial market does not sound professional, it perfectly reflects the importance of the Ethereum platform, which may soon enter a deflationary model after a possibly successful merge. However, Ethereum may not yet collide with the massive buying wave of the 21st century. In this still, of course, hypothetical situation, Ethereum can literally 'move the Internet' with all tools from Metaverse platforms through 'Internet of Things' to Web 3.0 technology, where content producers will simultaneously become their owners and administrators thanks to NFT technology, and institutions will be massively used the web to process advanced smart contracts to create an optimized new financial settlement system. If that happens, the price of ETH could really explode in the years to come.

Technical Market Outlook:

The ETH/USD pair had broken out of the ascending channel and made a new local low at the level of $1,005. The intraday technical support is seen on the level of $1,000 only. The bulls has managed to bounce back towards the lower channel line and are testing it currently (the lower channel line is located around $1,114). The larger time frame 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 - $1,466

WR2 - $1,412

WR1 - $1,321

Weekly Pivot - $1,181

WS1 - $1,090

WS2 - $950

WS3 - $718

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 12th consecutive week now.