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

Crypto Industry News:

Disney has created a platform for NFT tokens in partnership with blockchain and metaverse company Dapper Labs.

According to the announcement, Disney will tokenize its iconic cartoon characters from the last century in its NFT marketplace, dubbed Disney Pinnacle. The platform will also feature icons from Pixar and heroes and villains from the Star Wars galaxy, uniquely styled as collectible and exchangeable digital stamps.

"Fans from anywhere will be able to collect dynamic stamps on their phone and exchange them instantly and securely with others, regardless of where they are in the world," explained Dapper Labs CEO Roham Gharegozlou.

The NFT platform will launch later this year in the Apple App Store for iOS, the Google Play Store for Android and online. Currently, there is only a waiting list and a landing page on the official website. Disney Pinnacle is built on Layer 1 Blockchain Flow, which was also created by Dapper Labs. Previously, Ticketmaster decided to issue event tickets as NFTs on the Flow blockchain.

This year, Disney shed its Metaverse division as part of a broader restructuring plan to cut $5.5 billion in operating costs and lay off 7,000 workers for two months. About 50 members of the metaverse division were left without a new employment contract.

Technical Market Outlook:

The ETH/USD pair has made a 9.5% drop from the last swing high located at the level of $2,135 and made a local low at the level of $1,932. This sudden and strong down move was made due to the Due to the Bearish Divergence between the price and the momentum on the H4 time-frame chart the ETH/USD. Currently, the momentum has broken below the neutral level of fifty, however, there is still some room to the downside. The intraday technical resistance is seen at the level of $2,017 and the intraday technical support is seen at the level of $1,932. The key short-term technical support for ETH is seen at the level of $1,911 and only a clear and sustained breakout below this level would change the short-term outlook to bearish.

Weekly Pivot Points:

WR3 - $2,193

WR2 - $2, 093

WR1 - $2,070

Weekly Pivot - $2,048

WS1 - $2,024

WS2 - $2,002

WS3 - $1,957

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.