01.08.202207:57 Forex Analysis & Reviews: Technical Analysis of ETH/USD for August 1, 2022

Crypto Industry News:

FC Barcelona announced the sale of its NFT series "In a Way, Immortal". Price? As much as $ 693,000. The token changed hands at an auction in Sotheby's, New York. It is related to the visualization of the scoring goal by Johan Cruyff.

Recently, the band was loud because of the transfers of Robert Lewandowski and Jules Kounde. These cost FC Barcelona a lot. However, the team found an interesting way to finance its development. She sold the NFT for $ 693,000

The auction winner didn't just buy the NFT with visualization. There are also other benefits to that. He gained the title of the digital ambassador of FC Barcelona. This gives him access to training sessions and will guarantee "a lot of experiences that money cannot buy," the club said in a statement. The latter included, for example, a visit to the La Masia academy and the official handing over of the ball to the referees in a friendly match. So it can be said that the investor will go down in history in this way.

It is also worth considering the visualization itself. Responsible for it was a 40-person team of computer graphic designers and visual effects artists from BCN Visuals from Hollywood. A soundtrack has been added in the background. The musical theme was played by a 30-piece orchestra and features realistic sounds from the Camp Nou stadium, including screams from fans. The cinematographic aesthetics was prepared by Digital Superstudio.

Technical Market Outlook:

The ETH/USD pair had broken above the supply zone located between the levels of $1,629 - $1,718 and made a new local high at the level of $1,783. Due to the extremely overbought market conditions the bulls are taking a pause during the rally and pull-back is on the way towards the technical support seen at $1,629. Nevertheless, the outlook remains bullish and higher prices should be expected. The next target for bulls is seen at the level of $1,915 and $1,954.

Weekly Pivot Points:

WR3 - $1,747

WR2 - $1,717

WR1 - $1,702

Weekly Pivot - $1,687

WS1 - $1,673

WS2 - $1,657

WS3 - $1,628

Trading Outlook:

After the 13 consecutive weekly down candles on Ethereum, the down trend 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, but the bulls had managed to increase the price of ETH by 103% so far. The next target for bulls is seen at the level of $1,954.