Forex Analysis & Reviews: 05.10.2022 - Technical Analysis of...

05.10.2022 08:53 AM

Technical Analysis of ETH/USD for October 5, 2022

Crypto Industry News:

Following the proof-of-stake (PoS) transition of the Ethereum network, Ether (ETH) stacking now plays a central role in block validation and network security. However, some community members find the betting process too difficult, especially for the common people. Staking Etherum is too hard, community members say.

On the Ethereum subreddit, a community member raised the topic of ETH betting and its difficulties. According to the user, it took him an entire weekend for everything to work. A user said this might be something that people with "tight" schedules cannot accept.

In response to the thread, another community member also shared his ETH betting experience and mentioned the origins of Ethereum. The user noted that in those days, interacting with the blockchain was also difficult before more user-friendly options appeared. The community member also stressed that setting up the node requires "more effort than we might expect the average person to put into it."

In addition to configuration difficulties, the issue of bandwidth consumption was also raised. Due to the high bandwidth consumption, the user said there was a risk of ISP shutdown. Another user mentioned that the costs of exceeding your internet data cap could possibly kill any staking gains.

Technical Market Outlook:

The ETH/USD pair has bounced from the demand zone and is heading higher towards the nearest technical resistance located at $1,358 - $1,378. The momentum is strong and positive, so ETH bulls are getting ready to follow the recent BTC rally. On the other hand, the next target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. The intraday technical support is seen at the level of $1,281, $1,267 and $1,255 and the technical resistance is located at $1,358 and $1,407.

Weekly Pivot Points:

WR3 - $1,360

WR2 - $1,320

WR1 - $1,306

Weekly Pivot - $1,283

WS1 - $1,268

WS2 - $1,245

WS3 - $1,206

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 is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. 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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