Technical Analysis of ETH/USD for June 27, 2022

Relevance up to 09:00 2022-06-28 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Crypto Industry News:

TIME Magazine joins forces with The Sandbox. The goal of this collaboration is to build a virtual Times Square in the metaverse. Thus, the iconic press title continues its expansion in the world of cryptocurrencies and NFT.

According to the official announcement, the initiative was inspired by the «virtual spirit and energy» of the real Times Square district in New York.

Times Square is an iconic cultural, commercial, tourist and tourist center in Midtown Manhattan, New York City. The area is famous for its huge, illuminated advertising billboards and is considered «the heart of New York City».

TIME plans to create something similar but in a metaverse version. The new partnership will allow the media company to build TIME Square on its e-plot in The Sandbox, making it the first-ever TIME site in the metaworld since the brand entered the NFT market last year.

As a reminder, in September 2021, this iconic media company launched TIMEpieces, an NFT community initiative featuring original works by over 40 influential artists. Currently, this community can boast as many as four NFT collections — Genesis, Inspiration, Long Neckie Women of the Year, Slices of TIME and Beatclub Collection.

Technical Market Outlook:

The ETH/USD pair has been rejected from the level or $1,280 after the Pin Bar candlestick was made at the top of the move, nevertheless, a new local high was made. The next target for bulls is seen at the level of $1,438, which is the technical resistance. The intraday technical supports are seen on the levels of $1,178, $1,100 and $1,072. The larger time frame chart trend remains down and as long as the key short-term technical resistance is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 — $1,602

WR2 — $1,421

WR1 — $1,352

Weekly Pivot — $1,194

WS1 — $1,119

WS2 — $951

WS3 — $891

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,000. Please notice, the down trend is being continued for the 11th consecutive week now.

Read more: https://www.instaforex.eu/forex_analysis/281912

   
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