21.11.202209:52 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 21, 2022

Crypto Industry News:

Former US presidential candidate Andrew Yang warns that the collapse of FTX will make officials want to create strict regulations for the cryptocurrency exchange market. In his opinion, this is not conducive to making the US a blockchain center.

Speaking at the Texas Blockchain Summit in Austin on November 18, Yang acknowledged that the bankruptcy of FTX and Alameda Research will likely make it harder to pass common-sense regulations for the cryptocurrency market.

"I've always been in the camp [that] some sensible regulation was a good thing. I think it would help the industry mature and become more mainstream," he said. "Because of [FTX's [collapse] and other issues, headlines and people who have suffered [as a result of FTX's bankruptcy], there will be an appetite for regulation that I think may miss the mark," he added.

Yang admitted that the path to clarity on digital asset regulations is more difficult due to the politicization of the US two-party system. Therefore, the collapse of FTX will only embolden the biggest opponents of cryptocurrencies to try to destroy this industry. The politician admitted that he is working with the Bipartisan Policy Center, a think tank based in Washington, to educate congressmen on blockchain technology.

Technical Market Outlook:

The Ethereum market has broken out from the narrow range located between the levels of $1,219 - $1,281 and is only $36 from the sell-off lows. The intraday technical support is seen at $1,073 as well, no other support was made. The intraday technical resistance is located at $1,191 and $1,1219. The market has hit the extremely oversold conditions on the H4 time frame chart again, however, the bulls are still in control of the market and keep making pressure to test the sell-off low at $1.073. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues.

Weekly Pivot Points:

WR3 - $1,198

WR2 - $1,151

WR1 - $1,143

Weekly Pivot - $1,125

WS1 - $1,110

WS2 - $1,092

WS3 - $1,059

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 at $1,281 was broken already. If the down move will be extended, then the next target for bears is located at the level of $1,000.