03.11.202309:19 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 3, 2023

Crypto Industry News:

The outstanding football team from Bulgaria, PFC Botev Plovdiv, is introducing a modern payment method for its fans. From now on, club supporters have the opportunity to pay with Bitcoin cryptocurrency. This applies to purchases in souvenir shops and catering outlets at the stadium.

Anton Zingarevich, president of the club, expressed enthusiasm for new technologies. He emphasized that Bitcoin has the potential to revolutionize everyday transactions. He compared it to the impact that the introduction of the Internet had on our lives. The club focuses on innovation, and the acceptance of digital currency is a step forward.

Everyone who decides to make purchases using bitcoins in November can count on attractive discounts. PFC Botev Plovdiv offers a 10% discount on all purchases made in this currency. This is an incentive not only for the club's fans, but also for the promotion of cryptocurrency as a means of payment.

The club has started cooperation with BTCPay Server, an open-source cryptocurrency payment processor. Nicolas Dorier from BTCPay Server emphasized the importance of local bitcoin adoption. His company has the ambition to support projects that transform the way we make payments.

Expanding its digital presence, Botev Plovdiv FC has updated its official website. Additionally, the club's English-language social media channels have received significant upgrades.

Technical Market Outlook:

The ETH/USD pair had made a new swing high at the level of $1,874 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is trading back inside the old consolidation zone. The intraday technical resistance is seen at $1,819. Currently, the market is in the pull-back mode, but the intraday technical support seen at the level of $1,755 should hold the bearish pressure. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.

Weekly Pivot Points:

WR3 - $1,825

WR2 - $1,805

WR1 - $1,794

Weekly Pivot - $1,784

WS1 - $1,773

WS2 - $1,764

WS3 - $1,746

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. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.