FX.co ★ Technical Analysis of ETH/USD for May 30, 2023

Crypto Industry News:

Peter Schiff, a well-known economist and investor, has supported blockchain and NFT technology. Given his previous positions on digital assets, Schiff unexpectedly expressed his enthusiasm on Twitter for a new art project.

Schiff expressed his excitement about collaborating with Market Price on a joint work that would combine conventional elements of art with blockchain.

The goal of these efforts is a unique work of art called "Golden Triumph". Art lovers and collectors will also be able to purchase a set of prints that have been permanently stored on the Bitcoin blockchain.

Given Schiff's long-standing distrust of this technology and cryptocurrencies, this news came as a shock to many. His support for Bitcoin shows how his views on the convergence of art, technology and investing are changing.

Schiff has repeatedly said that Bitcoin is a "bubble" with no intrinsic value that will soon burst. The economist claimed that Bitcoin and most cryptocurrencies are not real currencies and are too volatile.

Schiff's recent tweets on blockchain and NFT seem to contradict his earlier position. In 2021, he questioned the value of owning a digital NFT image.

The fact that Schiff is now involved in a work of art using blockchain technology is proof that he appreciated the unique features of this technology and its practical applications.

Technical Market Outlook:

The ETH/USD pair has broken below the short-term technical resistance located at the level of $1,865 and made a local high at the level of $1,928. The local low was made at the level of $1,874, but the market is still under the bullish pressure. The momentum is strong and positive on the H4 time-frame chart, however, the bulls hit the extremely overbought level, so a pull-back is welcome. The bigger time frame trend remains down.

Weekly Pivot Points:

WR3 - $1,848

WR2 - $1,826

WR1 - $1,817

Weekly Pivot - $1,803

WS1 - $1,795

WS2 - $1,780

WS3 - $1,758

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.