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flag ★ Technical Analysis of ETH/USD for September 30, 2022

Crypto Analysis:::2022-09-30T06:43:03

Technical Analysis of ETH/USD for September 30, 2022

Crypto Industry News:

The CEO of Galaxy Digital - Mike Novogratz - during his speech at the Token 2049 conference, spoke about the fall of Terra and Luna cryptocurrency investors. He stated that many retail investors had lost their investment in the project because they had failed to take into account the risk of volatility. He also accused them of holding their tokens for too long.

"It was painful when it all came crashing down," he said. "When a token goes from 20 cents to $ 100 and you are not making a profit, that's crazy."

He then pointed to the problem of the lack of a "risk management methodology" by many retail investors who were emotionally buying tokens because they were gaining in value.

Speaking at a Singapore conference, Novogratz seemed to be trying to warm up the image of Do Kwon, who is currently being wanted by South Korean authorities on charges of fraud. The Korean prosecutor's office also asked the exchanges to which Terraform Lab's CEO transferred his bitcoins to freeze his assets.

Galaxy Digital was one of the investors in the Terra project. What's more, the company's CEO even tattooed the symbol of the Luna cryptocurrency. Novogratz stressed that everything Kwon and Terraform Labs built was fairly transparent and publicly available, which is related to the nature of blockchain technology.

Technical Market Outlook:

After the aggressive and dynamic reversal around the level of $1,400,The ETH/USD pair has been trading inside a narrow range as the liquidity dries up. Nevertheless, the next target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. The intraday technical support is seen at the level of $1,281, $1,267 and $1,255 and the technical resistance is located at $1,358 and $1,407.

Technical Analysis of ETH/USD for September 30, 2022

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.

Analyst InstaForex
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