Relevance up to 07:00 2022-08-31 UTC+2

Crypto Industry News:

Mars Incorporated has signed an agreement with Universal Music Group. The latter company handles image licenses from NFT collectors who make up the virtual metaverse team - KINGSHIP. It's about graphics from BAYC and MAYC.

As part of the new collaboration, there was a fairly original promotion of the NFT. Mars has released a limited edition of its sweets under the sign of two "MM". A gold gift box from M & M's hit the market. The number of such boxes was limited to only 100 pieces. According to the company, the series has already been sold out. The cost of one package was $ 99.99.

However, this is not the end. Fans of sweets will also be able to buy brown boxes, which are a continuation of the "golden" ones. These will be numbered 101 to 4,000 and are still available. We encourage you, if you think it's worth spending $ 59.99 on candy.

On top of all this, there are jars from M & M's printed with the image of the characters from the BAYC and MAYC series by KINGSHIP. Expense? Only $ 39.99. The jars were numbered from 1 to 6,000.

Technical Market Outlook:

The ETH/USD pair has broken above the technical resistance seen at $1,530 - $1,559 and the bounce continues higher towards the level of $16,54. The key short-term technical support is located at the level of $1,358 and if clearly violated, then the next target for bears is located at $1,281. The momentum is positive, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:

WR3 - $1,532

WR2 - $1,486

WR1 - $1,468

Weekly Pivot - $1,444

WS1 - $1,424

WS2 - $1,400

WS3 - $1,355

Trading Outlook:

The down trend on the Ethereum 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. The next target for bears is located at the level of $1,358. The key technical support for bulls is seen at $1,281.

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.

Source: Forex Analysis & Reviews: Technical Analysis of ETH/USD for August 30, 2022