FX.co ★ Technical Analysis of ETH/USD for November 8, 2022

Crypto Industry News:

Jack Dorsey, one of the founders and former CEO of Twitter, is preparing a new social networking site - Bluesky Social. It will be a place for those who do not like the fact that the first platform was bought by Elon Musk.

According to the creators, Bluesky Social is to be the first decentralized social network. What does this mean in practice? This is not known yet. It is possible, however, that it will mean a continuation of Dorsey's experiments with blockchain and cryptocurrencies.

When will the portal be launched? You won't have to wait very long for this event. The Bluesky Social app is currently in a test version. Its capabilities are tested by a limited group of users.

However, is talking about "new Twitter" justified? In addition, is such an application valid today?

First of all, remember that similar attempts to beat Twitter's nose (back in the reign of Dorsey) have already taken place. Rather, they ended in failure. At this point, it is enough to mention Truth Social, the project behind which is Donald Trump, the former US president, whose Twitter account has been blocked. The Polish Albicla, which was supposed to be a social networking site for the right, also belongs to the group of not very successful clones of Twitter or Facebook.

Technical Market Outlook:

The ETH/USD pair has made a new local high at the level of $1,665, made a PinBar candlestick and immediatley started a dynamic sell-off that terminated at the level of $1,533 after 14% drop. The bearish pressure is still high and the next target for bears is seen at the level of $1,502. The momentum is weak and negative already on the H4 time frame chart, so the down move might continue lower. In order to extend the recent impressive rally and reverse the trend to the up trend the market must break above the last swing high seen at $1,785.

Weekly Pivot Points:

WR3 - $1,635

WR2 - $1,605

WR1 - $1,587

Weekly Pivot - $1,575

WS1 - $1,557

WS2 - $1,544

WS3 - $1,514

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.