Relevance up to 06:00 2022-07-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Crypto Industry News:

In an unexpected turn of events, Tesla CEO Elon Musk announced his intention to abandon the $ 44 billion Twitter acquisition in a letter sent to the board of the social media giant.

In short, the richest man in the world is not satisfied with the lack of information on spam and fake accounts that Twitter has given. According to a letter to Twitter's legal director Vijaya Gadde, Musk is canceling the merger as Twitter "appears to be making false and misleading statements" which Musk used as a benchmark for its decision.

Elon Musk initially agreed to purchase a cryptocurrency-friendly social media platform for $ 54.20 per share, or roughly $ 44 billion. Twitter's board of directors was pleased with the decision, voting unanimously in favor of the deal that would make the company a private company again.

Technical Market Outlook:

The ETH/USD pair has been seen testing the technical support located at the level of $1,171. The bears had managed to break below this level and the Pin bar candlestick was made with a low seen at $1,153. The intraday technical supports are seen on the levels of $1,114 and $1,077. The larger time frame trend remains down and as long as the key short-term technical resistance, located at the level of $1,280, is not clearly violated, the outlook remains bearish.

Weekly Pivot Points:

WR3 - $1,466

WR2 - $1,412

WR1 - $1,321

Weekly Pivot - $1,181

WS1 - $1,090

WS2 - $950

WS3 - $718

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. 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. The next target for bears is located at the levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 12th consecutive week now.

Read more: https://www.instaforex.eu/forex_analysis/283885