Crypto Industry News:
The cryptocurrency market witnessed an unusual event when the mysterious Ethereum whale decided to sell an impressive amount of its ETH. In response to speculations regarding this transaction, the founder of Ethereum, Vitalik Buterin, decided to speak out on the matter.
On October 18, one of the main Ethereum investors, included in the honorable group of "whales", decided to sell an impressive amount of 13,871 ETH. Information about this transaction was quickly noticed by the analytical company LookOnChain, which decided to share it on social media.
"Crazy Whale sold 13,871 ETH for 21.87 million USDC today at a price of $1,577 per ETH. This investor previously acquired 32k ETH worth $39.9 million from Bitfinex on January 27, 2021, when the price was $1,239. Why did he decide to sell them now?" - the company wonders.
For reasons that are unclear, this experienced investor, who had previously benefited from a bull market, decided to change his strategy.
Technical Market Outlook:
The ETH/USD pair has been seen moving down from the after a spike to the level of $1,640 and is currently testing the technical support located at $1,542. Any violation of the level of $1,542 will open the road towards the key technical support seen at $1,520. The intraday technical resistance is seen at $1,640. The weak and negative momentum support the short-term outlook for ETH.
Weekly Pivot Points:
WR3 - $1,663
WR2 - $1,601
WR1 - $1,589
Weekly Pivot - $1,569
WS1 - $1,557
WS2 - $1,537
WS3 - $1,506
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.
