empty
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.

This image is no longer relevant

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.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Traders pause ahead of key event

Bitcoin's price has stabilized around the $83,000 mark as investors brace for a major announcement from US President Donald Trump on tariffs, expected to be made tomorrow. Other leading cryptocurrencies

Jakub Novak 10:44 2025-04-01 UTC+2

Trading tips for crypto market on April 1

Bitcoin and Ethereum have fallen in response to a further decline in the US stock market. Currently, BTC and ETH exhibit an obvious correlation with US stock indices. However, trading

Miroslaw Bawulski 09:31 2025-04-01 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 31

Bitcoin and Ethereum resumed their decline over the past weekend. There was no significant growth last week either, suggesting a continued correction in the crypto market. Ethereum was hit particularly

Miroslaw Bawulski 11:02 2025-03-31 UTC+2

Crypto market baffles traders

Recent news from the cryptocurrency market has discouraged investors. Over the past weekend, Bitcoin and Ether experienced sharp drops and failed to return to their upward trajectory, indicating a high

Jakub Novak 10:58 2025-03-31 UTC+2

Bitcoin – Technical Analysis Overview

Uncertainty currently dominates the market. Participants have taken a wait-and-see approach. The support of the monthly short-term trend at 79,773 and the weekly medium-term trend at 84,443 continue to influence

Evangelos Poulakis 09:07 2025-03-31 UTC+2

Ethereum Crashed. Bitcoin Was Less Affected

Despite the successful rollout of the Pectra test upgrade on the new Hoodi testnet—potentially the final step before rolling out the update to the Ethereum main net aimed at improving

Jakub Novak 08:01 2025-03-28 UTC+2

Trading tips for crypto market on March 28

Bitcoin and Ethereum are struggling to stay afloat. Another failed attempt by Bitcoin to cling to $88,000 led to its sell-off during today's Asian trading session. Ethereum had even worse

Miroslaw Bawulski 07:34 2025-03-28 UTC+2

Trading tips on crypto market on March 27 (North American session)

Bitcoin didn't show anything interesting in the first half of the day. Only Ethereum could be traded a bit within its sideways channel, in which it is still trapped. Meanwhile

Miroslaw Bawulski 15:16 2025-03-27 UTC+2

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.