FX.co ★ Technical Analysis of ETH/USD for August 15, 2022

Crypto Industry News:

Sports teams are now taking their activities to the metaverse as well to create new sources of profit as well as improve feedback and fan relations. Recently, two of Spain's largest soccer clubs, Real Madrid and FC Barcelona, applied for a joint trademark application to offer several metaverse services.

Trademark attorney Michael Kondoudis made the first announcement of a trademark filing on social media, announcing that it was filed on August 5. A trademark application indicates that both clubs may be interested in offering their own cryptocurrency wallets. The app also points to possible Metaverse gaming software as it refers to "virtual reality software". We will also find a mention of virtual clothing such as footwear and headgear in it.

The crypto environment and metaverse are not new to either of these two teams. Both teams have been involved in crypto and NFT ventures before. Real Madrid has partnered with Sorare, an NFT collector, to be able to offer its players' collectibles on the NFT Sorare market in 2020. Then, in 2021, the soccer team announced that it would be releasing Smart Tickets for its viewers in partnership with LAVA. NFT form.

FC Barcelona has become even more involved in the world of cryptocurrencies = has issued its own fan token, which allows users to express themselves in some decisions regarding the club. In addition, FC Barcelona announced that the NFT and metaverse were part of its expansion strategy, and launched Barca Studios in March, a new division that focuses its products in these areas.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,990, which is the 100% Fibonacci extension of the wave a. The local high was made at the level of $2,029, nevertheless the upside is limited due to the key technical resistance located at the level of $2,040. The momentum had violated the level of fifty already and it points to the south indicating a strong bearish activity. The nearest technical support is seen at $1,911 and in a case of a further breakout lower, at the level of $1,819.

Weekly Pivot Points:

WR3 - $2,132

WR2 - $2,042

WR1 - $1,986

Weekly Pivot - $1,953

WS1 - $1,897

WS2 - $1,864

WS3 - $1,775

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. 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 key psychological level for bulls is located at $2,000 and needs to be clearly violated before any extension higher.