FX.co ★ Technical Analysis of ETH/USD for December 9, 2022

Crypto Industry News:

PayPal has been focusing heavily on virtual tokens for some time now and is now announcing its entry into one of the European Union countries, namely Luxembourg.

Recently, the company revealed that it is expanding its services, taking as its destination a small country in Western Europe, i.e. Luxembourg. According to the electronic payments giant, new customers will be able to buy, sell and, above all, store their digital assets on the company's accounts (platform). Initially, the list of tokens will include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and, interestingly, Bitcoin Cash (BCH). These assets can be stored via a website or a mobile application on smartphones. The aforementioned service will be launched in the tax haven in the next few days. After that, eligible customers will be able to buy cryptocurrencies, starting with a minimum amount of 1 Euro.

Technical Market Outlook:

The Ethereum cryptocurrency has broken below the trend line seen around the level of $1,254, made a new local low at the level of $1,1219 and then bounced right back up towards the same trend line to test the breakout from below. As the momentum is negative on the H4 time frame chart, the short-term outlook remains bearish with a target for bears located at $1,150 (28th November low). 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 - $1,345

WR2 - $1,317

WR1 - $1,305

Weekly Pivot - $1,289

WS1 - $1,277

WS2 - $1,261

WS3 - $1,233

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 and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.