09.02.202310:22 Forex Analysis & Reviews: Technical Analysis of ETH/USD for February 9, 2023

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Crypto Industry News:

Fos Sports TV station has decided that during Super Bowl LVII there will be a rule of banning all crypto ads.

After the devastating crypto winter of 2022, which saw many high-profile bankruptcies, Fox Sports decided to effectively ban cryptocurrency-related ads. This decision is to help protect Fox Sports viewers from financial losses.

Fox Sports has sold out all available ad space for the upcoming top game - the Super Bowl - scheduled for next Sunday between the Kansas City Chiefs and the Philadelphia Eagles. No crypto company has purchased the advertising rights on the day of this major American sporting event.

Technical Market Outlook:

The ETH/USD pair has reversed from the level of $1,700 again, so the next target for bulls, seen at the level of $1,788 (September 2022 high) is moving away. The intraday technical support is seen at $1,603 and the key technical support is located at $1,487, so 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 - $1,630

WR2 - $1,625

WR1 - $1,623

Weekly Pivot - $1,620

WS1 - $1,618

WS2 - $1,614

WS3 - $1,609

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.

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