FX.co ★ Technical Analysis of ETH/USD for January 24, 2022

Crypto Industry News:

Mike Novogratz offered Peter Schiff a bet with a stake of $ 1,000,000.

Galaxy Digital CEO Mike Novogratz has challenged Euro Pacific Capital's CEO Peter Schiff. Novogratz proposed a $ 1 million bet in the belief that Schiff's forecasts for the eventual collapse of the cryptocurrency market would backfire.

Mike Novogratz is betting the price of bitcoin will remain above $ 35,000 over the next year. The stake of the bet would be donated to charity. At the time of preparing this publication, Peter Schiff has not declared that he would take the glove.

Technical Market Outlook

The ETHUSD pair has been seen moving down all the weekend long breaking all the intermediate technical support levels. The recent low on ETH was made at the level of $2,301, but there is still no indication of a potential bullish reversal. The next target for bears is seen at the level of $1,731 and this is the line in sand before a collapse under the $1,000 level. On the other hand, the nearest technical resistance are $2,549, $2,638, $2,778, $2,930 and $3,000. The market conditions are extremely oversold on H4 and Daily time frames.

Weekly Pivot Points:

WR3 - $3,996

WR2 - $3,638

WR1 - $2,926

Weekly Pivot - $2,584

WS1 - $1,819

WS2 - $1,512

WS3 - $812

Trading Outlook:

The market is controlled by bears that pushed the price way below the level of $3k, so a breakout above this level is a must for bulls for a trend reversal. The market retrace more than 50% since the ATH at the level of $4,868 and the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term retracement level for bulls.