18.10.202208:33 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 18, 2022

Crypto Industry News:

Bank of America found that rich young Americans are 7.5 times more likely to have cryptocurrencies in their wallets than investors 43 and older. "If the youngest cohort is unsure of the stock market, where does it see opportunities for investment growth? Alternatives, including cryptocurrencies, are their # 1 choice, "wrote the bank.

Bank of America released this week's study of wealthy Americans' investment preferences. The report was prepared on the basis of an Internet survey conducted in the period from May to June, among 1,052 people over the age of 21 with assets allocated for investments worth over USD 3 million.

What were the results obtained? As it turned out, "the age group 21 to 42 has only a quarter of their equity portfolio, compared with 55% for investors aged 43 and over."

"While 29% of younger people say cryptocurrencies are the leading wealth-generating opportunity, only 7% of the older group agreed," he added.

Bank of America stressed that age is "the dominant factor when it comes to interest in cryptocurrencies," explaining:

"While the overall use of [cryptocurrencies] is low, younger people are 7.5 times more likely to hold cryptocurrencies in their wallets and five times more likely to say that they understand them quite well."

Technical Market Outlook:

The ETH/USD pair has been seen trading just below the last week high located at $1,344. The local high was made at the level of $1,342 (at the time of writing the article), but with the strong and positive momentum on the H4 time frame chart, the outlook remains bullish and a target for bulls is seen at $1,358 and $1,372. Please keep an eye on the market behavior close to the local trend line (marked orange on chart). The demand zone is now located between the levels of $1,191 - $1,1219.

Weekly Pivot Points:

WR3 - $1,333

WR2 - $1,318

WR1 - $1,311

Weekly Pivot - $1,302

WS1 - $1,295

WS2 - $1,286

WS3 - $1,270

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.