07.03.202309:18 Forex Analysis & Reviews: Technical Analysis of ETH/USD for March 7, 2023

Crypto Industry News:

There is just over a month left until the ETH Shanghai update, so you can expect more investor movements on this cryptocurrency. Some Ethereum holders may want to sell their crypto while others are getting ready to buy with increased turnover.

There are voices that a hard fork can raise the ETH rate, but there must still be a favorable atmosphere on the broad market.

Sleeping whale - the holder of 10,266 pieces of Ethereum moved them from his wallet at Circle Internet Financial and began transferring them to other wallets, including exchanges. This situation has not gone unnoticed by careful researchers.

According to a blockchain explorer, the whale's ported wallet was mined in 2017. The whale also sent 1322 ETH to the cryptocurrency exchange.

As a result of Silvergate's problems, the price of Ethereum, the second largest cryptocurrency, is under strong selling pressure. Investors are wary of re-entering the market after Silvergate's recent papers raised the specter of the company's collapse.

Technical Market Outlook:

The bears on the Ethereum market has manage to push the prices towards the key short-term technical support seen at the level of $1,558 and made the new local low at the level of $1,542. The market has been seen trading horizontally since then, however no major spike up was made yet. The intraday technical resistance is seen at the level of $1,677 and $1,680. A sustained breakout below the level of $1,487 would change the mid-term outlook to bearish, so please keep an eye on the $1,487 technical support (swing low). 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 - $1,597

WR2 - $1,577

WR1 - $1,568

Weekly Pivot - $1,560

WS1 - $1,550

WS2 - $1,542

WS3 - $1,524

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.