29.09.202209:01 Forex Analysis & Reviews: Technical Analysis of ETH/USD for September 29, 2022

Crypto Industry News:

The Cardano network has always been a competition to the Ethereum blockchain. Of course, this has translated into competition between communities centered around the two chains. This time, however, Cardano founder Charles Hoskinson surprised everyone. He proposes a truce.

In a Twitter thread, Charles Hoskinson shared his thoughts on Ethereum and its community. Let us recall that he cooperated with Ethereum (although only for six months and almost ten years ago). Perhaps because of his personal animosities, Hoskinson is sometimes critical of Ethereum. Then he founded Cardano. Today, he seems to be pained by the fact that the Ethereum community continues to ignore the advances Cardano has made over the years.

"I've pointed out repeatedly that the top engineers of Ethereum have completely ignored Ouroboros in the last five years," Hoskinson wrote in a tweet.

He further argued that this only harms the entire cryptocurrency and blockchain community. He urged users to refrain from falling into this trend, writing that "this means many users are now being forced to make design decisions that are detrimental to them, rather than helping them."

"I think that's human nature. But at least we can make a choice not to give in to [the harmful trend]," he added.

He further stated that "We don't need to hate anyone or develop bizarre, conspiratorial thinking to achieve our goals. In fact, Cardano does not need cryptocurrency to be successful. "

The conciliatory attitude of Cardano's creator comes at an interesting moment when his network went through Vasil's hard fork. However, the project was criticized for a 3-month delay in implementing this change. At the same time, the Merge passed the Ethereum chain, but Vitalik Buterin's team waited for almost 2 years.

Technical Market Outlook:

The ETH/USD pair had bounced from the demand zone seen between the levels of $1,288 - $1,257, but the bounce was capped at the nearest technical resistance located at $1,358. After the aggressive and dynamic reversal around the level of $1,400, the next target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. The intraday technical support is seen at the level of $1,281, $1,267 and $1,255.

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.