06.03.202309:17 Forex Analysis & Reviews: Technical Analysis of ETH/USD for March 6, 2023

Crypto Industry News:

Supported by Warren Buffett Nubank based in Brazil, he announced the introduction of Nucoin's own cryptocurrency. The token, which is issued in the Polygon network, will be handed over to customers of institutions as part of Airdrop.

According to media reports, Nucoin will be one of the foundations of the Cashback program, in which users will receive prizes in the form of tokens. In addition, the bank's internal lottery will also be used, which will also use the token.

Importantly, Nucoin will not go to the cryptocurrency exchange, because all transactions concluded with it will only be available on the Nubank platform. It is not known how much the initial price of the token will be - as long as it is set at all.

According to the media, Nubank will not stop at the activities listed above. He also examines other options for using cryptocurrencies, including staking programs that will allow clients to block their Nucoins to receive more units at a certain time or get more fate for a bank lottery. Apparently, in the future there will also be an option to replace Nucoins with cash via the platform.

Technical Market Outlook:

The bears on the Ethereum market has manage to push the prices towards the key short-term technical support seen at the level of $1,558 and made the new local low at the level of $1,542. THe market has been seen trading horizontally since then, however no major spike up was made yet. The intraday technical resistance is seen at the level of $1,677 and $1,680. A sustained breakout below the level of $1,487 would change the mid-term outlook to bearish, so please keep an eye on the $1,487 technical support (swing low). Any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.

Weekly Pivot Points:

WR3 - $1,597

WR2 - $1,577

WR1 - $1,568

Weekly Pivot - $1,560

WS1 - $1,550

WS2 - $1,542

WS3 - $1,524

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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.