FX.co ★ Technical Analysis of ETH/USD for December 13, 2023

Ethereum Technical Strength Amid Crypto News

As we approach the end of 2023, Ethereum (ETH) is currently testing a crucial support level. The ETH/USD pair is closely watched by investors for potential trend shifts.

Crypto Industry Update: NFTs and Trump's Latest Venture

Donald Trump has recently released a new NFT collection, named the Mugshot edition. Following the quick sell-out of his previous collection, this new series consists of 47 cards. These NFTs are gaining attention for their unique approach and Trump's involvement.

In a two-minute video, Trump details how fans can purchase these NFTs. He also announces special rewards for collectors buying all 47 cards, including a physical Trump card and an invitation to a gala dinner in Florida.

Trump's Profitable NFT Ventures

Trump's engagement in NFTs has been financially rewarding. An April 14 filing reveals earnings between $100,001 to $1 million from NFTs. Trump has played a significant role in CIC Digital LLC, which licensed his name for the Trump Digital Trading Cards NFT collection.

ETH/USD Technical Market Analysis

The ETH/USD pair recently reached $2,134, a key support level. After a high of $2,400, marked by a Shooting Star candlestick, a Hammer candlestick indicates potential for a rebound. The pair bounced back towards $2,238, now acting as resistance.

If the pull-back completes, an uptrend is expected. The next bull target is $2,445. A sustained breakout below $2,234 could shift the short-term outlook to bearish. However, $2,134 remains a vital support level.

Weekly Pivot Points for ETH/USD

• WR3: $2,666
• WR2: $2,456
• WR1: $2,350
• Weekly Pivot: $2,245
• WS1: $2,140
• WS2: $2,036
• WS3: $1,826

Ethereum Trading Outlook

Ethereum's market has been trending upward since hitting a low of $1,520. The critical long-term support at $1,368 is vital for the bullish outlook. The mid-term support is at $1,913.

ETH/USD Intraday Indicator Signals

• Sell Signal: 12 out of 21 technical indicators
• Neutral: 7 indicators
• Buy Signal: 4 indicators
• Moving Averages: 10 showing Sell, 8 showing Buy

Market Sentiment Analysis

The current sentiment is predominantly bullish (75% bulls vs. 25% bears). This trend has been consistent over the past week (71% bulls vs. 23% bears) and the last three days (70% bulls vs. 30% bears).

Useful Links

• More Artcles
• InstaForex Course for Beginners
• Open Trading Account

Important Reminder

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

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