27.09.202309:45 Forex Analysis & Reviews: Technical Analysis of ETH/USD for September 27, 2023

Crypto Industry News:

The Satlantis server allowed Minecraft players to earn Satoshi during gameplay. However, this option is removed from the independent server due to the request of Majong studio, the creators of the cult block-based production.

It is worth adding that the server allowing you to earn BTC in Minecraft was very popular among players who return to the title with nostalgia after many years and at the same time belong to the cryptocurrency community.

Earning BTC during gameplay was such a fresh and unusual idea for promoting BTC and Minecraft that the server was constantly popular. As you might have guessed, however, such a cryptocurrency eldorado could not last forever. Particularly important is the fact that the rights to the game belong to Microsoft, which categorically prohibits the implementation of cryptocurrencies or NFT tokens in its games.

On Friday, September 23, server founder David Dineno announced a message from Mojang on the Discord channel. The creators of Minecraft asked the server administration to remove the ability to earn BTC. The play-to-earn option was removed from the Satlantis server on Monday at 12 noon.

Technical Market Outlook:

The ETH/USD pair had bounced from the extremely oversold market conditions on the H4 time-frame chart, after the bears pushed the price to a new local low seen at the level of $1,562. Currently, the market consolidates in a narrow horizontal range located between the levels of $1,578 - $1,597. The intraday technical resistance is seen at the level of $1,600 and $1,606 and the nearest technical support levels are located at $1,562 (last swing low). Please notice, the price is below the 50 and 100 MA on the H4 time frame chart already, so the bears are clearly in charge of the ETH market.

Weekly Pivot Points:

WR3 - $1,623

WR2 - $1,598

WR1 - $1,585

Weekly Pivot - $1,573

WS1 - $1,560

WS2 - $1,547

WS3 - $1,522

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.