empty
08.11.2023 09:44 AM
Technical Analysis of ETH/USD for November 8, 2023

Crypto Industry News:

Rain Lohmus, a renowned Estonian banker and financial market innovator, faced an extremely expensive problem. As the founder of LHV Bank, Lohmus was one of the first cryptocurrency enthusiasts. He has accumulated an impressive sum of Ethereum over the years. However, losing the access keys to the digital wallet cost him almost... half a billion dollars.

Lohmus, despite his financial resources and influence, learned firsthand the basic lesson of cryptocurrencies - losing private keys is tantamount to losing access to assets. In a statement to local radio, the banker admitted that the lost 250,000 ETH, which is a huge value, is beyond his reach.

He does not hide the fact that he tried to recover the keys. He even considered unusual methods, including creating artificial intelligence in his image. He wanted the AI to search his past for clues about the location of his keys. Ultimately, the inability to monitor the progress of such a project led him to abandon the idea.

The banker also expressed his opinion on the risks associated with independently controlling cryptocurrency keys. In his opinion, although cryptocurrencies provide the illusion of perfect decentralization, they are accompanied by other, often ignored threats.

Technical Market Outlook:

The ETH/USD pair had made a new swing high at the level of $1,911 and then the pull-back started. The next target for bulls is seen at the level of $2,027, but for now the market is consolidating the recent gains around the last high. The bulls are having problem to break above the level of $1,911 that had been tests multiple times already. The intraday technical resistance is seen at $1,900 and the intraday technical support is seen at $1,865. Please notice, in a case of a failure to breakout above the resistance, any violation of the level of $1,755 will open the road towards the key technical support seen at $1,520.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $2,133

WR2 - $1,988

WR1 - $1,930

Weekly Pivot - $1,852

WS1 - $1,794

WS2 - $1,717

WS3 - $1,584

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 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.

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

Bitcoin will test its Support.1 after successfully breaking through and closing below the Uptrendline intraday chart, Friday, July 4, 2024.

Bitcoin – Friday, July 4, 2025. With an inflow into the Bitcoin ETF around USD$ 50 billion, it shows strong interest from investors, thus strengthening the legitimacy of this cryptocurrency

Arief Makmur 07:58 2025-07-04 UTC+2

Ripple has the potential to correct and weaken down to the Support level of 2.1924, Friday, July 4, 2025.

Ripple – Friday, July 4, 2025 Friendly regulatory pressure and the case with the SEC that seems to be stopped and open interest in the derivatives market that has jumped

Arief Makmur 07:58 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 4

Bitcoin has encountered significant resistance around $110,000, and it is unlikely to break through this level easily in the near term. Ethereum is also facing difficulties moving above the $2,600

Miroslaw Bawulski 07:27 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 3

Bitcoin and Ether have resumed growth, reaching new weekly highs amid favorable macroeconomic conditions. Over the past 24 hours, Bitcoin has risen by 2.5%, trading above $109,000. Ethereum also advanced

Miroslaw Bawulski 08:47 2025-07-03 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 2

Bitcoin continued its correction and during today's Asian trading session reached a new level of $105,000. Ethereum also dropped significantly but was quickly bought back, stabilizing around $2,425. Meanwhile

Miroslaw Bawulski 08:33 2025-07-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 1

Bitcoin failed to hold the $108,000 level, slipping into a more acceptable zone around $107,000. Ethereum also showed weakness at the end of the month, retreating to $2,460 after failing

Miroslaw Bawulski 08:55 2025-07-01 UTC+2

Key events this week that may impact crypto market

Bitcoin has pulled back below the $108,000 level, while Ethereum briefly rose above $2,500 over the weekend before retreating again. Clearly, traders will be closely monitoring several upcoming macroeconomic data

Jakub Novak 14:53 2025-06-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 30

Bitcoin and Ethereum continued to grow over the weekend, indicating steady demand even as the leading cryptocurrency approaches its historical highs. While everyone is anticipating that Bitcoin will soon break

Miroslaw Bawulski 09:30 2025-06-30 UTC+2

Trading tips for crypto market on June 27 (North American session)

Bitcoin made another attempt to return to the $108,000 level, but failed to hold it and corrected lower, falling below the $107,000 mark, a move that could lead

Miroslaw Bawulski 15:47 2025-06-27 UTC+2

Another Major Company Announces $1 Billion Raise to Buy Bitcoin

The cryptocurrency market is showing strong confidence. Given its correlation with the U.S. stock market—where historical highs are being updated—there is room to expect further growth in digital assets. However

Jakub Novak 10:50 2025-06-27 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.