FX.co ★ Technical Analysis of ETH/USD for May 17, 2023

Crypto Industry News:

Legendary hedge fund manager Paul Tudor Jones has said he will always maintain a "small" exposure to bitcoin. Reason? In his opinion, it is "the only thing" in the world that people cannot change.

Investor Paul Tudor Jones, who started investing in bitcoin in 2017, does not hide that he is a hodler. In a recent interview with CNBC, he said that he always plans to have BTC in his investment portfolio. The reason is that the cryptocurrency supply cannot be changed. He explained that bitcoin "is the only thing that people cannot change in the supply."

"It's a little diversification of my portfolio," he cautioned.

For some hodlers who have been in the market long enough to see BTC near $70,000, the current price - below $30,000 - may seem like a good buy. This is the case of Jones, who does not hide that he considers cryptocurrency an attractive investment asset

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $1,761, but failed to break above the 50 MA on the H4 time frame chart seen at $1,834. Nevertheless, the market still manage to trade above the local trend line support. The intraday technical resistance is seen at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687.

Weekly Pivot Points:

WR3 - $1,913

WR2 - $1,886

WR1 - $1,844

Weekly Pivot - $1,814

WS1 - $1,795

WS2 - $1,764

WS3 - $1,712

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.