Technical Analysis of ETH/USD for November 7, 2023
November 7, 2023 9:25 am
Crypto Industry News:
Charles Hoskinson, an American entrepreneur and founder of Cardano, expressed his appreciation for this blockchain platform. During the recent 2023 Cryptocurrency Summit in Dubai, he emphasized the importance of the network. He talked about its role in the development of the crypto space and its position as the leading blockchain in the industry.
Hoskinson spoke proudly about Cardano’s origins. He described it as humble but with a strong vision. In his opinion, it is thanks to her that blockchain has achieved significant success since its inception. This network has operated flawlessly for the last five years. It worked continuously, every day. Hoskinson called Cardano the “root of trust.” He thus expressed the important role it plays as a global entry point for the cryptocurrency space.
“Cardano never failed in 5 years, it worked continuously, 24/7. It has effectively become the root of trust for the entire cryptocurrency space. There’s no better engine, there’s no better code than what we wrote,” Hoskinson said.
During the summit, Hoskinson also presented a new concept for the ecosystem, called “Partner Chains”.
“Affiliate chains are the new frontier of Cardano evolution! “IOG presents a revolutionary framework that enables independent, interoperable Level 1 blockchain networks to thrive,” revealed in a post on X (formerly Twitter).
The Cardano community is looking forward to the integration of the new system. “Midnight”, a data protection-based blockchain, aims to be the first peer chain to implement the new concept and leverage its potential benefits.
Technical Market Outlook:
The ETH/USD pair had made a new swing high at the level of $1,911 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is consolidating the recent gains around the last high. The bulls are having problem to break above the level of $1,911 that had been tests 5 time already. The intraday technical resistance is seen at $1,900 and the intraday technical support is seen at $1,865. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $2,133
WR2 – $1,988
WR1 – $1,930
Weekly Pivot – $1,852
WS1 – $1,794
WS2 – $1,717
WS3 – $1,584
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.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Charles Hoskinson, an American entrepreneur and founder of Cardano, expressed his appreciation for this blockchain platform. During the recent 2023 Cryptocurrency Summit in Dubai, he emphasized the importance of the network. He talked about its role in the development of the crypto space and its position as the leading blockchain in the industry.
Hoskinson spoke proudly about Cardano’s origins. He described it as humble but with a strong vision. In his opinion, it is thanks to her that blockchain has achieved significant success since its inception. This network has operated flawlessly for the last five years. It worked continuously, every day. Hoskinson called Cardano the “root of trust.” He thus expressed the important role it plays as a global entry point for the cryptocurrency space.
“Cardano never failed in 5 years, it worked continuously, 24/7. It has effectively become the root of trust for the entire cryptocurrency space. There’s no better engine, there’s no better code than what we wrote,” Hoskinson said.
During the summit, Hoskinson also presented a new concept for the ecosystem, called “Partner Chains”.
“Affiliate chains are the new frontier of Cardano evolution! “IOG presents a revolutionary framework that enables independent, interoperable Level 1 blockchain networks to thrive,” revealed in a post on X (formerly Twitter).
The Cardano community is looking forward to the integration of the new system. “Midnight”, a data protection-based blockchain, aims to be the first peer chain to implement the new concept and leverage its potential benefits.
Technical Market Outlook:
The ETH/USD pair had made a new swing high at the level of $1,911 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is consolidating the recent gains around the last high. The bulls are having problem to break above the level of $1,911 that had been tests 5 time already. The intraday technical resistance is seen at $1,900 and the intraday technical support is seen at $1,865. Please notice, that any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.
Weekly Pivot Points:
WR3 – $2,133
WR2 – $1,988
WR1 – $1,930
Weekly Pivot – $1,852
WS1 – $1,794
WS2 – $1,717
WS3 – $1,584
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.
The material has been provided by InstaForex Company – www.instaforex.com
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