FX.co ★ Technical Analysis of ETH/USD for October 11, 2022

Crypto Industry News:

It's been over a year since El Salvador recognized bitcoin as legal tender. In late September, the country's president, Nayib Bukele, wrote an article in which he defends his decision regarding the cryptocurrency.

According to the President of El Salvador, if his country's bitcoin experiment is successful, many other countries around the world will go in the same direction and start accepting BTC.

In an article titled "Stop Drinking the Elite's Kool-Aid", which was published on September 30, 2022 in English and Spanish, Bukele criticized his critics who continue to attack him for his pro-bitcoin policy. .

"The most vocal critics are those who fear and pressure us to change our policies, they are the powerful elites of the world and the people who work for them or benefit from them," Bukele explained in his article.

"They used to have everything and in a way still have their hands on the media, banks, NGOs, international organizations and almost all governments and corporations in the world," he adds.

Bukele also denies reports by "Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeery, The Guardiana, The New York Times, and The Washington Post" claim that "the country's economy has been devastated by a loss of $ 50 million. dollars "that El Salvador has incurred as a result of investing in BTC. The president adds that his country has lost nothing because it has not sold a single bitcoin.

Technical Market Outlook:

The ETH/USD pair has been seen penetrating the demand zone located between the levels of $1,281 - $1,255. The larger time frame target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. The intraday technical resistance is seen at $1,305. The weak and negative momentum supports the short-term bearish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,369

WR2 - $1,346

WR1 - $1,333

Weekly Pivot - $1,322

WS1 - $1,309

WS2 - $1,299

WS3 - $1,275

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.