Forex Analysis & Reviews: 30.11.2022 - Technical Analysis of...

30.11.2022 10:31 AM

Technical Analysis of ETH/USD for November 30, 2022

Crypto Industry News:

Etherum is a 'fraud' that will eventually 'explode' like FTX as Bitcoin becomes the primary global form of money

According to Cory Klippsten, CEO and founder of Swan Bitcoin, in the long run, BTC will become the primary form of money in the world, replacing the US dollar and other fiat currencies and beating altcoins:

"It is very likely that Bitcoin will continue to grow in size, market capitalization, price and purchasing power for decades and become the world's money, which is likely to replace the US dollar in the long run," he said. 30 years, but it could also be something that won't happen until the next century."

Suggesting that altcoins like Etherum and Solana are "bad coins", Klippsten stated that unlike Bitcoin, they cannot hope to become a form of money. He also said that Ethereum is a "scam" that will eventually "go up in the air."

"Someone can issue and control the money supply in these altcoins and change the code whenever they want," he stated. .

Klippsten, who correctly predicted the fall of Celsius, Luna/UST, and FTX, spoke to Michelle Makori, editor-in-chief at Kitco News.

Technical Market Outlook:

The Ethereum cryptocurrency has been seen moving higher as the bounce continues above the level of $1,231. The recent local high was made at the level of $1,280 (at the time of writing the article), however, the market has entered an extremely overbought levels. The intraday technical resistance is located at $1,1288. The momentum is strong and positive, so the move up is backed up by bulls. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

Weekly Pivot Points:

WR3 - $1,253

WR2 - $1,213

WR1 - $1,190

Weekly Pivot - $1,173

WS1 - $1,150

WS2 - $1,133

WS3 - $1,093

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 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.

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