FX.co ★ Technical Analysis of ETH/USD for October 9, 2023

Crypto Industry News:

X (formerly Twitter) is once again on the verge of becoming an "all-in-one app" after Elon Musk tested video game streaming on the platform.

In a 50-minute stream on October 6, Musk showed how he played the popular action RPG game Diablo 4. Starting the broadcast, Musk noted:

"Our goal is to ensure that the sound is normal, the image looks decent so that it is not flickering, and that the comments work."

While the feature is still in its early stages of development, the quality of the stream has remained consistent, and Musk seemed pleased with the work developers have done so far. At the end of the broadcast, Musk answered a few questions from his viewers and provided more information about what X plans to do.

"We're adding streaming for Xbox and PS5. We're not trying to do everything better than every other app, but what we want to say is that if you want to do something on System X or Platform X, you can do it if you want to. [...] I think very specialized apps will probably be better than us in many ways, but I know we can be the best overall app. There is some value in being a general app for discovering and interacting with the most people in the world," he added.

Musk, however, did not reveal anything about integrating payments or cryptocurrencies into streaming for subscription or donation purposes.

After rebranding Twitter as X in July, Musk explained that part of his plans was to develop a "do-it-all app" that essentially runs a wide range of social media features and supports financial services, including cryptocurrencies.

Technical Market Outlook:

The ETH/USD pair has resumed the down move after a sharp reversal from the level of $1,752 and is currently under the bearish pressure on the H4 time frame chart. The intraday technical support is seen at $1,600 and $1,582 and the intraday technical resistance is seen at $1,636 and $1,638 (50 MA). The momentum broke below the level of fifty and is currently negative, so the down move might extend more, event towards the level of $1,562 and $1,530.

Weekly Pivot Points:

WR3 - $1,665

WR2 - $1,638

WR1 - $1,628

Weekly Pivot - $1,622

WS1 - $1,611

WS2 - $1,606

WS3 - $1,589

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.