Crypto Industry News:
According to data from the analytics firm IntoTheBlock, only six of the top 20 NFT collections by market capitalization have seen an increase in trading volume over the past 30 days. The others recorded a significant decrease, ranging from -20% to -99%.
Trading volume for the popular NFT collection CryptoPunks, which is the second largest by market capitalization, has fallen by -60.30% over the past month. Other popular digital collections such as Mutant Ape Yacht Club, Otherdeed, Moonbirds and Doodles also saw adjustments of -20.16%, -53.09%, -73.57% and -63.55%, respectively.
In addition, the ninth largest collection by market capitalization, Sewer Pass, launched by NFT Yuga Labs, saw a spectacular decrease in trading volume of -99.16%.
In contrast, the Captainz NFT collection saw the highest trading volume increase of 53.81%, while Bored Ape Yacht Club (BAYC), the largest NFT collection by market capitalization, saw a 24.67% increase in trading volume. Other projects such as Azuki, Autoglyphs and Meebits also saw increases of 24.49%, 14.70% and 2.48% respectively.
While some NFT projects saw an increase in trading volume, only four of the 20 collections saw a price increase over the same period. Bored Ape Yacht Club (BAYC) and Meebits fell by -16.42% and -24.18% respectively, despite an increase in trading volume. In turn, the price of CryptoPunks increased by 2.37% despite the decrease in trading volume.
Meanwhile, Azuki, Autoglyphs and Captainz were the only collections to record growth across the board, with price increases of 5.29%, 1.44% and 36.60% respectively, accompanied by an increase in trading volume.
Technical Market Outlook:
The ETH/USD pair has made a local low at the level of $1,806 and is trying to bounce above the 100 and 50 MA. The intraday technical resistance is seen at $1,915, but the key short-term technical resistance is located at $1,963. Only a sustained breakout above this resistance level will open the road towards the swing high seen at $2,140. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for the Ethereum as long as the level of $1,786 is not clearly broken.
Weekly Pivot Points:
WR3 - $2,091
WR2 - $1,981
WR1 - $1,938
Weekly Pivot - $1,870
WS1 - $1,829
WS2 - $1,760
WS3 - $1,650
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.
