Crypto Industry News:
The adult subscription platform, OnlyFans, is not idle and keeps its eyes on the cryptocurrency market. They have recently invested nearly $20 million in Ethereum. Unfortunately, they hit a difficult time for this cryptocurrency. By the end of November 2022, the value of this investment had fallen by over $8 million. Still, $11.4 million remained.
This is not the first involvement of OnlyFans in modern technologies. The company previously expanded its offerings with NFTs, allowing users to use verified NFTs as profile pictures. Such moves indicate the company's desire to diversify its portfolio and use the potential of blockchain.
It is also valuable that Ethereum, in which the company has invested, is increasingly recognized as an asset more resistant to inflation. This may be a sign that OnlyFans sees cryptocurrency as a way to protect capital in turbulent times for conventional financial markets.
Technical Market Outlook:
The ETH/USD pair has been seen moving lower after the bounce high was made at the level of $1,697, which is just below the technical resistance located at $1,707. The price is back to the old trading range located between the levels of $1,693 - $1,617. The level of $1,580 will now act as the technical support, but the key technical support is seen at the level of $1,545. Please notice, the current market conditions are still negative on Daily and H4 time frame chart, so the bearish pressure is still high.
Weekly Pivot Points:
WR3 - $1,689
WR2 - $1,666
WR1 - $1,653
Weekly Pivot - $1,643
WS1 - $1,630
WS2 - $1,620
WS3 - $1,579
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.