01.02.202309:39 Forex Analysis & Reviews: Technical Analysis of ETH/USD for February 1, 2023

Crypto Industry News:

Even though non-fungible tokens had an unfavorable year in 2022, the trend may reverse with the news that the NFT-funded film Calladita won an award at the Sundance Film Festival. The production was funded with approximately €750,000 thanks to successful adoption in the field of NFT.

The Miguel Faus film began to be written in 2018, and in March 2022, the planning and subsequent release of the non-fungible tokens was completed. Faus assured that he decided to focus on the audience of NFT collectors, so that they would be the buyers of stills from the film "Calladita".

"There is a revolution going on beyond crazy people buying pictures of kittens. This is a paradigm shift that I was deeply convinced would change the form of digital property."

The Spanish-born filmmaker began writing the script for the film in 2018, but it wasn't until March 2022 that NFT's planning and release process was completed.

Technical Market Outlook:

The Ethereum cryptocurrency rally had been capped at the level of $1,664 after the bulls hit the extremely overbought market conditions on the H4 time frame chart. The ETH market has been seen making a potential Triangle price pattern on the H4 time frame chart. The nearest technical support is seen at $1,525 and $1,487. The key technical support is located at $1,350 and only clear and sustained breakout below this level would change the short-term outlook to bearish. Please keep an eye on the $1,487 technical support as any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.

Weekly Pivot Points:

WR3 - $1,834

WR2 - $1,702

WR1 - $1,628

Weekly Pivot - $1,570

WS1 - $1,496

WS2 - $1,438

WS3 - $1,307

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 2022 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.