FX.co ★ Technical Analysis of ETH/USD for August 4, 2022

Technical Analysis of ETH/USD for August 4, 2022

Crypto Industry News:

Kim Kardashian's lawyers have filed a joint motion to dismiss a class action lawsuit against an American businesswoman for promoting an alleged crypto EMAX token for the purpose of "pomp and dump".

Kim Kardashian's team of lawyers has filed a motion to set aside a class action against a businesswoman and other American celebrities.

Kardashian and a handful of other prominent American social media influencers received a class action lawsuit in January 2022 over claims that they had misled investors by promoting a cryptocurrency called EthereumMax (EMAX) on social media.

Kardashian posted Instagram posts promoting the project in June 2021, at the same time great boxer Floyd Mayweather also got involved in the lawsuit after promoting an Ethereum-based token in preparation for a celebrity boxing fight against YouTuber Logan Paul during the same period.

Fans were able to purchase pay-per-view tickets using a token that grew after the Kardashian and other influencers' promotion. EthereumMax's value dropped significantly later, leaving many penniless.

An original court testimony that listed Kardashian, Mayweather, and eight others claimed that company executives worked with celebrity promoters to make misleading statements about the token and their control over most of the tokens. Steve Gentile and Giovanni Perone were named as co-founders of the project.

Kardashian's team of lawyers argued for the class action to be dismissed in court papers, referring to 10 claims brought against influencers. A key point was the questioned stories of Kardashians on Instagram.

The report also argued that claims of reasons that influencers were being paid into Etherum (ETH) to promote EMAX were unfounded, given the lack of evidence that Kardashian received financial compensation for her Instagram posts.

The Kardashian legal team also highlighted that no evidence was presented that Kardashian ever bought, received, or sold tokens herself. The defendants jointly filed a joint motion to dismiss the class actions.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,573, which is the 50% Fibonacci retracement of the last wave up. The upside is limited due to the moving average sitting at the level of 1.670 and the wall of the technical resistance levels located at $1,666, $1,650 and $1,629. The momentum is hovering around the level of fifty, however the bounce from the oversold market conditions is clear, so the outlook remains bullish and higher prices should be expected. The next target for bulls is seen at the level of $1,915 and $1,954. The key short-term technical support is seen between the levels of $1,255 - $1,281.

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Technical Analysis of ETH/USD for August 4, 2022

Weekly Pivot Points:

WR3 - $1,747

WR2 - $1,717

WR1 - $1,702

Weekly Pivot - $1,687

WS1 - $1,673

WS2 - $1,657

WS3 - $1,628

Trading Outlook:

After the 13 consecutive weekly down candles on Ethereum, the down trend might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high, but the bulls had managed to increase the price of ETH by 103% so far. The next target for bulls is seen at the level of $1,954.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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