19.10.202210:45 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 19, 2022

Crypto Industry News:

In March 2021, Jack Dorsey's historic first tweet was sold for $ 2.9 million. Today it is only worth $ 132. This shows a certain negative phenomenon: during a bull market, investors are able to pay for certain assets completely detached from the realities of the price.

In the spring of 2021, Dorsey put his first tweet up for auction. It was significant that the post represented the NFT. It was almost the middle of the bull market on the token market. As a result, the founder of Twitter received as much as USD 2.9 million for it. He converted the dollars into bitcoins and donated to the NGO Give Directly.

NFT has acquired Sina Estavi, CEO of Bridge Oracle cryptocurrency. It was not just about helping in a just cause, because the businessman posted a tweet (NFT) on the stock exchange a few days later. He wanted to get as much as $ 48 million for it. Half of the amount was to be spent on charity. The problem is that the highest bidder was around $ 280.

So Estavi fielded the NFT again. This time, the most wanted to pay $ 132.72 for it. So he canceled the auction again.

The most interested himself also has other big problems. In May 2021, he was arrested for "disrupting the economic system" in Iran and charged with misleading investors. He is now free and probably returned to the topic of selling the NFT.

Technical Market Outlook:

The ETH/USD pair has been continuing trading just below the last week high located at $1,344, so the market is range bounded. The local high was made at the level of $1,340 and then the market reversed lower towards the middle of the range The nearest technical support is seen at $1,281 and $1,267. 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.