FX.co ★ Technical Analysis of ETH/USD for June 15, 2023

Crypto Industry News:

The Snoop Dogg Passport series is described as "the first ever evolving collectible". It aims to provide music fans with a range of exclusive content and opportunities. They will gain access to behind-the-scenes footage and unique photos, will also be able to purchase specially prepared items for them and listen to playlists.

The token will allow fans of Snoop to follow his life during the summer tour. "With the Passport series, I can give my fans the opportunity to travel the world with me. Nobody ever did. I've always been a pioneer and digital merch is part of the future. I hope other artists will see what I'm doing and continue to innovate on their own," said the artist.

With the start of the tour on July 7, the rapper will also launch Snoop Selects, a curated collection of works by selected NFT artists, which will be made available free of charge to all Snoop Dogg Passport holders. Coldie, Terrell Jones and Alien Queen are among the first group of artists to be introduced to audiences as part of this initiative.

The project was developed in cooperation with the Web3 Transient Labs platform. Chris Ostoich, the company's COO, admitted that he was looking for ways to use blockchain to offer unique experiences, and working with Snoop Dogg made it possible.

This is not Snoop Dogg's first project in NFT as the rapper is very active in the space. He is considered by many people as a significant figure with a large impact on the development of non-exchangeable tokens and cryptocurrency related projects. It is worth recalling here that in March the musician became a co-owner of the Shiller platform, which provides live broadcasts. The application aims to combine Web3 technology with real-time streaming content.

Market observers are of the opinion that while Snoop Dogg Passport is one of many blockchain-based fandom ventures, its unique nature could help establish a new paradigm for other artists.

Technical Market Outlook:

The ETH/USD pair has made a new swing low at the level of $1,633 (at the time of writing the article) and continues to move lower after the technical support at the level of $1,716 was broken. This level will now act as the technical resistance for bulls. The next target for bears is seen at the level of $1,616. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,807

WR2 - $1,771

WR1 - $1,754

Weekly Pivot - $1,736

WS1 - $1,719

WS2 - $1,701

WS3 - $1,666

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.