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Technical Analysis of ETH/USD for October 6, 2023
October 6, 2023 10:22 amVideo
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Crypto Industry News:
Ledger is one of the better-known companies providing hardware cryptocurrency wallets. The company decided to establish cooperation with the Sotheby’s auction house. There has been a lot of talk about this ancient British auction house in connection with the BAYC NFT collection.
From 2024, buyers of valuable digital works of art at Sotheby’s will also receive the limited edition Ledger x Sotheby’s Nano X wallet.
Cooperation between Ledger and Sotheby’s may prove to be a good promotion of both the Ledger brand and the British auction house. It is worth noting that the design of this limited wallet does not differ in any way from the standard Nano X. Simple lines, aesthetic design reminiscent of MP3 players from almost two decades ago.
The only distinguishing feature in this case will be the unique color. In the very center of the device there is a large engraved logo of the Sotheby’s auction house, founded in 1744. This information is also visible on the metal front of the wallet. It is worth adding that the Ledger x Sotheby’s Nano X will be distributed with a silver chain so that the wallet can be worn, for example, around the neck. CEO of the Ledger brand, Ina Rodgers, said that the limited version of the wallet was created especially for collectors of digital art.
Technical Market Outlook:
The ETH/USD pair has temporary paused the down move after a sharp reversal from the level of $1,752 and is currently trying to pull-back higher on the H4 time frame chart. The intraday technical support is seen at $1,600 and $1,582 and the intraday technical resistance is seen at $1,636 and $1,638 (50 MA). The momentum broke below the level of fifty and is currently negative, so the down move might extend more, event towards the level of $1,562 and $1,530.
Weekly Pivot Points:
WR3 – $1,765
WR2 – $1,743
WR1 – $1,731
Weekly Pivot – $1,721
WS1 – $1,708
WS2 – $1,699
WS3 – $1,676
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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