Analysis Cryptos Support & Resistance

Technical Analysis of ETH/USD for October 25, 2022

Crypto Industry News:

Rishi Sunak has become the new leader of the Conservative Party in Great Britain. This means that he will also head the British government. This may have an impact on the cryptocurrency policy of the Albion government.

Rishi Sunak will replace Liza Truss, who has headed the British government for just over a month, as Prime Minister. Sunak himself competed with her for the office of head of government immediately after Boris Johnson’s resignation. It didn’t work then. He won 60,399 votes, while Truss 81,326. Now, however, this former finance minister is taking power in the party and thus in the country.

Sunak was elected leader by members of the Conservative Party on Monday. Truss was forced to resign after her plan to fight the crisis proved impossible to implement.

While serving as Finance Minister in Prime Minister Boris Johnson’s government, Sunak announced that he wanted to turn the UK into a cryptocurrency hub. He helped prepare, among others The Financial Services and Markets Act, which, if enacted, could give local regulators broad power over the cryptocurrency industry – starting with the inclusion of asset-linked cryptocurrencies such as stablecoins within the scope of the payment market regulations. Under his leadership, the Royal Mint was entrusted with the task of creating the NFT collection, which, however, is yet to be realized.

Technical Market Outlook:

The ETH/USD pair had been rejected form higher price levels after the failed breakout above the trend line. The local high was made at $1,369 and then the market reversed back under the trend line again. Currently, the bulls and bears are consolidating in a tight range, between the trend line resistance and the technical support. The momentum on the H4 time frame chart had hit the extremely overbought market conditions, so the pull-back is imminent. The nearest technical support is seen at $1,344 was broken, so the next are seen at $1,318 and $1,299. Please keep an eye on the market behavior close to the local trend line (marked orange on chart). The demand zone is now located between the levels of $1,191 – $1,1219.

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Weekly Pivot Points:

WR3 – $1,413

WR2 – $1,379

WR1 – $1,357

Weekly Pivot – $1,345

WS1 – $1,323

WS2 – $1,311

WS3 – $1,267

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 – www.instaforex.com


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