FX.co ★ Technical Analysis of ETH/USD for November 18, 2022

Crypto Industry News:

His entry was mostly warmly received by people and speculators talking about whether we have finally reached the long-awaited Bitcoin (BTC) low and we can talk about creating the foundations for a new bull market.

Bukele's statement was also referred to by the creator and CEO of Tron (TRX), who also announced that his company, like El Salvador, intends to buy 1 BTC per day from tomorrow.

Recall that El Salvador currently owns 2,381 Bitcoins (BTC), in which it has invested a total of $103 million. The value of Bukele's Bitcoin investment fell to $39.4 million.

This will be the first Bitcoin (BTC) purchase made since June 30. The strategy of buying BTC announced by the president of El Salvador and the founder and CEO of Tron (TRX) is widely known as DCA (Dollar-Cost Averaging), or "averaging the purchase price" and if you watched YouTube guides on investing in cryptocurrencies (and not only), and there are certainly such people among you, then you have certainly met the term described many times.

Currently, the average price at which El Salvador purchased BTC is $ 43,000. Starting purchases at the time of the lowest Bitcoin quotations in the current cycle (so far) should help Salvador compensate for some of the, quite substantial, losses.

Technical Market Outlook:

The Ethereum market has been seen consolidating in a narrow range located between the levels of $1,219 - $1,281 as the traders await for a trigger of the next wave up or down. The volatility is very low, however the bulls retraced 38% of the last wave down and were capped at the local high seen at $1,347. The intraday technical support is seen at $1,219, $1,191 and $1,170 (H4 Pin Bar low). The intraday technical resistance is located at $1,281 and $1,343. Momentum on the H4 time frame chart remains bouncing up and down around the neutral level of fifty.

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.