Analysis Cryptos Support & Resistance

Technical Analysis of ETH/USD for November 4, 2022

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Crypto Industry News:

The social media giant – Instagram – announced that as part of its partnership with Polygon, it will launch a market dedicated to trading in non-exchangeable NFT tokens. The marketplace will allow users to mint and sell the tokens they have created.

Instagram joins forces with Polygon

On Thursday, November 3, the social media giant announced that it would soon enable its users to mint NFT tokens on its platform. The platform will also launch a dedicated market for trading this type of tokens.

Initially, Instagram will allow NFT to be sold through its app. Later, users will be redirected to an external market where they can sell their digital works.

Moreover, Instagram will release a new toolkit that will aim to help users navigate the newly launched market. They will be used to knock out and sell NFT. As part of this, the platform joined forces with Polygon, a network that scales transactions taking place in the Ethereum blockchain.

Technical Market Outlook:

The ETH/USD pair has been seen bouncing from the technical support located at $1,513, but the bulls keep trading below the technical resistance located at the level of $1,594 and below the local trend line. The momentum on the H4 time frame chart has broken above the level of fifty, so the bullish attempt to break out higher is being supported by the momentum increase. The first target for bulls is seen at %1,663. The nearest technical support is seen at $1,513 and the level of $1,594 will now act as the intraday technical resistance.


Weekly Pivot Points:

WR3 – $1,647

WR2 – $1,1612

WR1 – $1,596

Weekly Pivot – $1,578

WS1 – $1,561

WS2 – $1,543

WS3 – $1,509

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 is seen at $1,281 as a part of the demand zone located between the levels of $1,252 – $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.

The material has been provided by InstaForex Company –