FX.co ★ Technical Analysis of ETH/USD for July 18, 2023

Crypto Industry News:

Christie's has teamed up with Gucci to bring the world of art and fashion to cyberspace. The project "Future Frequencies: Explorations in Generative Art and Fashion", is an exclusive collection of 21 NFT. Digital artworks have been created by famous artists with the help of generative AI.

The combination of art, artificial intelligence and a well-known brand is to be a hit, which will ensure many interested in purchasing individual NFTs from the collection. These works were created by artists such as AI Clarie Silva, Emily Xie, Botto, Emi Kusano, and Helena Sarin. Digital works of art were created with the help of generative artificial intelligence. They replicate Gucci's signature style, including Bamboo handbags from 1947 with a distinctive bamboo handle. The NFT collection is to be a kind of tribute to the Gucci brand, which has existed in the minds of consumers for nearly 100 years.

The value of the "Future Frequencies: Explorations in Generative Art and Fashion" collection ranges from 1 ETH to even 320 ETH, which is currently from around $1,900 to over $62,000. The auction house offers an even higher price, taking into account individual works. Art fans will be able to bid on Gucci NFT artwork from July 18-25.

Technical Market Outlook:

The ETH/USD pair has made the last high at the level of $2,027 and then pulled-back towards the moving average. Since then only a new local lows are made and bulls do not look like they want to challenge the last swing high yet. The intraday technical support is seen at $1,874 and the intraday technical resistance is located at $1,926. When the up trend is resumed, then the next target for bulls is seen at the level of $2,140, which is the yearly high. The momentum is weak and negative, which supports the short-term bearish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,964

WR2 - $1,945

WR1 - $1,938

Weekly Pivot - $1,926

WS1 - $1,919

WS2 - $1,908

WS3 - $1,889

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.