FX.co ★ Technical Analysis of ETH/USD for April 4, 2023

Crypto Industry News:

The social platform Twitter, led by Elon Musk, has just changed its logo from a characteristic blue bird to ... a popular dog (Doge). What does it mean? We can only speculate. However, there are many indications that rumors may be materializing that Elon Musk plans to integrate payments in dogecoins via Twitter.

It's an open secret that Musk, arguably the world's most recognizable entrepreneur, is a huge fan of memes, with particular mention of the popular dog (Doge), whose prototype is a Shiba Inu dog named Kabosu. The visionary regularly publishes memes on the Internet and has repeatedly spoken sympathetically about the Dogecoin cryptocurrency, de facto linking his name with this characteristic memecoin over time to market observers.

Technical Market Outlook:

The ETH/USD pair has been seen consolidating inside a narrow zone located between the levels of $1,686 - $1,858 (swing high) for the last several days and the bulls still do not heave enough momentum to test the psychological level of $2,000 again. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $1,755 ( 25th March low) and then at $1,686 (27th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.

Weekly Pivot Points:

WR3 - $1,842

WR2 - $1,809

WR1 - $1,792

Weekly Pivot - $1,776

WS1 - $1,759

WS2 - $1,743

WS3 - $1,710

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 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.