FX.co ★ Technical Analysis of ETH/USD for October 21, 2022

Crypto Industry News:

Investor Jim Rogers, who founded the Quantum Fund with billionaire George Soros, expects the current bear market to be much worse than we think. He adds that the recession ahead will be the worst of his life. "We will probably have our last rally, but that will be the end," he predicts.

The famous investor Jim Rogers shared his view on the state of the US economy in a press interview published on Monday. Rogers is a former business partner of George Soros who co-founded Quantum Fund and Soros Fund Management.

He was asked if right now was "the beginning of an impending recession, the worst some have predicted". Rogers replied:

"Well, (...) yeah, this is going to be the worst [recession] of my life.

"In 2008 we had a problem because of too much debt, but since 2009 debt has increased sharply everywhere," he added, explaining why he believes that we are in a very tough crisis.

In July, Rogers had already warned that the worst slump of his life was coming. He also predicted the end of the US dollar.

It is still unknown how cryptocurrencies would react to such a long bear market. There is a chance that they would break away from the stock market and function as safe haven.

Technical Market Outlook:

The ETH/USD pair had been rejected form the 30 periods moving average after the Pin Bar candlestick was made at $1,309 and moves lower again. The momentum on the H4 time frame chart is now weak and negative. The local high was made at the level of $1,340 and then the market reversed lower towards the middle of the range The nearest technical support is seen at $1,281 and $1,267. 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.

Weekly Pivot Points:

WR3 - $1,333

WR2 - $1,318

WR1 - $1,311

Weekly Pivot - $1,302

WS1 - $1,295

WS2 - $1,286

WS3 - $1,270

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.