Crypto Industry News:
Twitter's CEO Jack Dorsey has again dismissed the suggestion to buy Ethereum, despite the platform's actions related to ETH-based NFT tokens.
The social media platform announced a giveaway via Rarible, an NFT platform using the Ethereum Blockchain network to mint digital collectible tokens.
However, despite Twitter having released 140 NFT transactions on Ethereum, Dorsey apparently remains solely loyal to Bitcoin.
Following the news on NFT tokens, Twitter user Packanimal suggested it was "only a matter of time before" Dorsey would invest in Ethereum, to which the CEO simply replied "No".
The crypto community then reacted vigorously to Dorsey's three-letter approach to Ethereum, with Cinneamhaim Ventures' Adam Cochran criticizing Twitter CEO for "still being maxi BTC" while Twitter "prints Ethereum-based NFT on Rarible."
Dorsey, who is also the co-founder and CEO of the cryptocurrency-friendly digital payments company Square, previously expressed his loyalty to Bitcoin itself by stating in a 2019 tweet, "I only have Bitcoin." At the Bitcoin 2021 conference in early June, he said, "Bitcoin changes absolutely everything. [...] I don't think there is anything more favorable to people all over the world. "
Early Bitcoin supporter Dorsey repeatedly argued that Bitcoin would be the only currency on the Internet from at least 2018. It comes at a time when some of the biggest Bitcoiners admit that Ethereum could eventually replace Bitcoin as the world's largest cryptocurrency.
Technical Market Outlook:
The ETH/USD pair has hit the 61% Fibonacci retracement at the level of $2,228, but the rally was capped and the Shooting Star candlestick pattern was made at the top of the rally. Currently, the market is testing the technical support seen at the level of $2,043. The momentum is now weak and negative, so any violation of the level of $2,043 will likely expose the level of $1,941 for a test again.
Weekly Pivot Points:
WR3 - $2,667
WR2 - $2,446
WR1 - $2,091
Weekly Pivot - $1,898
WS1 - $1,514
WS2 - $1,323
WS3 - $946
Trading Recommendations:
Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.
