FX.co ★ Technical Analysis of ETH/USD for November 25, 2022

Crypto Industry News:

The company behind MetaMask, namely Consensys, has updated its privacy policy. As part of the new provisions, their popular wallet will collect the aforementioned IP addresses and addresses of their customers' ETH wallets from today when they perform transactions.

Specifically, the update affects users who use Infura as a "Remote Procedure Call" (RPC) provider in MetaMask. Infura is an affiliate of Consensys and is the default RPC provider on all MetaMask wallets. What is very important - according to the published information, MetaMask users have the option to change the RPC from Infury to another provider - then their data will not be collected by Consensys. However, they will still be subject to any information collection policies of the new RPC provider of their choice.

According to a statement from Consensys:

"When you use Infury as your default RPC provider in MetaMask, Infura will collect your IP address and Ethereum wallet address when sending transactions. However, if you use your own Ethereum node or a third-party RPC provider with MetaMask, then neither Infura nor MetaMask will collect your IP address or Ethereum wallet addresses."

The news about the new MetaMask privacy policy quickly spread around the web and caused a very just, collective indignation of Internet users.

Technical Market Outlook:

The Ethereum bulls has managed to break the trend line resistance, extend the bounce towards the level of $1,215 and are still moving higher. The intraday technical resistance is located at $1,231 and $1,1288. The momentum is moving away from the extremely oversold conditions on the H4 time frame chart, so the odds for a strong bounce continuation are high. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

Weekly Pivot Points:

WR3 - $1,198

WR2 - $1,151

WR1 - $1,143

Weekly Pivot - $1,125

WS1 - $1,110

WS2 - $1,092

WS3 - $1,059

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 at $1,281 was broken already. If the down move will be extended, then the next target for bears is located at the level of $1,000.