Technical Analysis of ETH/USD for October 10, 2023
October 10, 2023 8:27 am
Crypto Industry News:
Berkshire Hathaway Vice President Charlie Munger has once again emphasized how he does not value cryptocurrencies. During his Thursday speech at Zoomtopia’s Zoomtopia conference, he spoke about BTC. In his opinion, it is “the stupidest investment he has ever seen.”
In fact, you could say he was very subtle this time. Earlier, he compared BTC trading to “trading in feces”.
“It’s just ridiculous that anyone would buy stuff like this… It’s just unimaginable, it’s an absolute horror and I’m ashamed of my country that so many people believe in this kind of nonsense, and I’m ashamed of the government for allowing it to exist,” he said in February.
In July last year, he declared that he would never invest in cryptocurrencies, advising everyone to “avoid it as if it were an open sewer full of bacteria.” He previously compared blockchain-based digital currencies to a “venereal disease” and advocated for governments to ban their use.
“This whole damn development is disgusting and contrary to the interests of civilization,” he added.
Like Munger, his long-time business partner Buffett is also skeptical of bitcoin and other cryptocurrencies. After calling BTC “rat poison squared,” Berkshire’s chairman and CEO compared BTC to a “casino chip.” Last May, he said that bitcoin is not a company and “does not produce anything.”
“If you told me that you owned the entire bitcoin and offered it to me for USD 25, I wouldn’t take it (…). I would have to sell it to you one way or another. It doesn’t make sense,” he explained.
It is worth noting that both men are elderly seniors and older investors. They may not understand how cryptocurrencies work and where their phenomenon comes from. Another thing is that you can agree with them that many blockchain market projects will fail. This is how the market of innovative companies works.
Finally, it is worth noting that Buffett and Munger are already indirectly investing in the cryptocurrency market, as they have invested capital in the development of the pro-blockchain Nubank.
Technical Market Outlook:
The ETH/USD pair has resumed the down move after a sharp reversal from the level of $1,752 and made a new local low at the level of $1,547. The intraday technical resistance is seen at $1,600 and $1,582 and the intraday technical support is seen at $1,530. The momentum is weak and negative, so the short-term outlook for ETH remains bearish.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
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:
Berkshire Hathaway Vice President Charlie Munger has once again emphasized how he does not value cryptocurrencies. During his Thursday speech at Zoomtopia’s Zoomtopia conference, he spoke about BTC. In his opinion, it is “the stupidest investment he has ever seen.”
In fact, you could say he was very subtle this time. Earlier, he compared BTC trading to “trading in feces”.
“It’s just ridiculous that anyone would buy stuff like this… It’s just unimaginable, it’s an absolute horror and I’m ashamed of my country that so many people believe in this kind of nonsense, and I’m ashamed of the government for allowing it to exist,” he said in February.
In July last year, he declared that he would never invest in cryptocurrencies, advising everyone to “avoid it as if it were an open sewer full of bacteria.” He previously compared blockchain-based digital currencies to a “venereal disease” and advocated for governments to ban their use.
“This whole damn development is disgusting and contrary to the interests of civilization,” he added.
Like Munger, his long-time business partner Buffett is also skeptical of bitcoin and other cryptocurrencies. After calling BTC “rat poison squared,” Berkshire’s chairman and CEO compared BTC to a “casino chip.” Last May, he said that bitcoin is not a company and “does not produce anything.”
“If you told me that you owned the entire bitcoin and offered it to me for USD 25, I wouldn’t take it (…). I would have to sell it to you one way or another. It doesn’t make sense,” he explained.
It is worth noting that both men are elderly seniors and older investors. They may not understand how cryptocurrencies work and where their phenomenon comes from. Another thing is that you can agree with them that many blockchain market projects will fail. This is how the market of innovative companies works.
Finally, it is worth noting that Buffett and Munger are already indirectly investing in the cryptocurrency market, as they have invested capital in the development of the pro-blockchain Nubank.
Technical Market Outlook:
The ETH/USD pair has resumed the down move after a sharp reversal from the level of $1,752 and made a new local low at the level of $1,547. The intraday technical resistance is seen at $1,600 and $1,582 and the intraday technical support is seen at $1,530. The momentum is weak and negative, so the short-term outlook for ETH remains bearish.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
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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