Crypto Industry Outlook:
MyEtherWallet (MEW) launched its first collection of non-exchangeable tokens (NFT) called ETH Blocks on Thursday, which tokenizes individual Ethereum blocks.
Unique images related to ETH Blocks are generated from the block data. These NFTs are only available to MEW users via the MyEtherWallet website.
ETH Blocks can only be minted in the MEW network. Early adopters receive a discount: the first 100 blocks are valued at 0.01 ETH, the next 500 at 0.03 ETH, and all subsequent blocks are priced at 0.05 ETH (plus gas).
Some blocks are of particular importance to Ethereum and will not be available for breaking at MEW. Blocks 1-10 were reserved for the founders of Ethereum - those who contributed most to its creation and development and created the ecosystem we know today.
In addition, 13 blocks that mark key moments in the history of Ethereum will be pre-minted and auctioned from November 11 to December 11. The proceeds from the auction will be donated to thirteen organizations: The Skid Row Trust, Wikipedia, The Internet Archive, Smile Train, Extra Life, Girls Who Code, Petsmart Charities, Go Red For Women, Prostate Cancer Foundation, Red Noses, Gary Sinise Foundation, Create Now and NPR.
Technical Market Outlook
The ETH/USD pair continue the correction towards the level of $4,000 as the recent low was made at the level of $4,258 which is below the technical support located at $4,372. The next target for bears is seen at the level of $4,146 and $4,121. The weak and negative momentum support the short-term bearish outlook for ETH. Please notice, the five wave impulsive increase might had been terminated at the level of $4,870 already and now might be the time for a deeper correction.
Weekly Pivot Points:
WR3 - $5,138
WR2 - $5,019
WR1 - $4,756
Weekly Pivot - $4,615
WS1 - $4,352
WS2 - $4,211
WS3 - $3,960
Trading Outlook:
The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.
