FX.co ★ Technical Analysis of ETH/USD for November 14, 2022

Crypto Industry News:

Basketball player Scottie Pippen, who won six NBA championships with the Chicago Bulls in the 1990s, has his NFT. It resembles graphics associated with the cult CryptoPunks series.

Scottie Pippen received a personalized NFT that works based on Arbitrum. The athlete tweeted a photo of himself wearing the number 33 jersey with an NFT avatar added next to it. The token was created via the Smolverse platform.

The basketball player added that he is ready to test the next generation of NFT products.

NFT graphics resemble images from the CryptoPunks collection, which were sales hits in 2021.

Scotty Maurice Pippen, more commonly known as Scottie Pippen, is an American basketball player who plays as a small forward and is a six-time National Basketball Association champion. He played for the Chicago Bulls. In 2010, he was included in the Basketball Hall of Fame. James Naismith. He was also honored with a bronze statue unveiled at the United Center on April 7, 2011.

Technical Market Outlook:

The bulls had managed to retrace 38% of the last wave down on Ethereum and made a new local high at the level of $1,347. Nevertheless, the bearish pressure is still high and the next target for bears is seen at the level of $886 (yearly low's). The market has been seen moving down all weekend long as the momentum is still weak and negative on the H4 time frame chart. The nearest technical resistance is seen at the level of $1,343. 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 - $1,247

WR2 - $1,237

WR1 - $1,231

Weekly Pivot - $1,227

WS1 - $1,221

WS2 - $1,217

WS3 - $1,207

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.