26.10.202208:51 Forex Analysis & Reviews: Technical Analysis of ETH/USD for October 26, 2022

Crypto Industry News:

Spain is currently a country where as many as 260 crypto ATMs have been installed, which pushes El Salvador - where there are 212 such devices - to the fourth position in the CoinATMRadar ranking. The data confirms that the country is behind 0.6% of the world's cryptocurrency ATM installations.

Moreover, it means that Spain is the market leader in Europe. In second place we have Poland (205 devices), followed by Switzerland (152 ATMs) and Romania (139). In 2022 alone, more than 40 ATMs were installed in Spain. This year, a total of over 100 ATMs will be installed. MediaMarkt, a German electronics retailer, and Confinity are working to install devices in Austria, Germany, Greece and Spain.

Interestingly, Spain is going against the tide when it comes to the global trend. There is a net change in crypto ATMS installation around the world. New data confirms that 796 devices were withdrawn from the global network in September. Nevertheless, calculations based on data from the past 60 days show that around seven devices are installed worldwide every day.

Technical Market Outlook:

The ETH/USD pair had broken out from the consolidation zone and made a new local high at the level of $1,525. It took only two H4 time frame candles (8h) to rally over $184 (14%), so the breakout is strong and might extend higher. The momentum on the H4 time frame chart had hit the extremely overbought market conditions, so the pull-back is imminent. The nearest technical support is seen at $1,473 and $1,449 and the next target for bulls is seen at $1,645.

Weekly Pivot Points:

WR3 - $1,413

WR2 - $1,379

WR1 - $1,357

Weekly Pivot - $1,345

WS1 - $1,323

WS2 - $1,311

WS3 - $1,267

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.