Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for November 8, 2021

Crypto Industry Outlook:
Warner Bros., the US multinational mass media and entertainment conglomerate, has announced the launch of NFT collectable tokens for its upcoming film, Matrix Resurrections. The Matrix NFT program begins on November 30 with Warner Bros. will release 100,000 NFT Matrix Resurrections tokens.

Amusement giant Warner Bros. is currently deeply involved in the NFT token industry after joining Nifty's, Inc. based in Miami has launched the official NFT Space Jam. The NFT stems from the recently released "Space Jam: A New Legacy," starring a cast of famous characters from Looney Tunes and NBA star LeBron James.

Warner Bros. joined many famous entertainment companies such as Fox, Lionsgate, Dolphin and ViacomCBS. WWE and UFC, companies that focus on specific sports such as professional wrestling and mixed martial arts, also jumped into the NFT space.

Now Warner Bros. he's working with Nifty's to dump the NFT for the upcoming film, Matrix Resurrections, due out on December 22nd. According to statements sent to the media, the official NFT Matrix will be avatars of people in the Matrix.

The NFTs will appear on November 30, and on December 16, basic avatar owners will be able to take the "blue pill" or "red pill". If they take the "blue pill" the NFT avatar owners will stay in the Matrix, but if they take the "red pill" the NFT will undergo a transformation.


Technical Market Outlook
The ETH/USD pair has resumed the impulsive wave to the upside and hit the 100% market geometry level seen at $4,716. The next target for bulls is 127% Fibonacci projection located at the level of $4,873. The momentum is strong and positive, which supports the short-term bullish outlook for ETH. The nearest technical support is seen at the level of $4,670 and $4,642.

Weekly Pivot Points:
WR3 - $5,386
WR2 - $5,022
WR1 - $4,864

Weekly Pivot - $4,516
WS1 - $4,398
WS2 - $3,977
WS3 - $3,841


Trading Outlook:
The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.








Sebastian Seliga
Analytical expert of InstaForex
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