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Forex Analysis & Reviews: 04.05.2022

Relevance up to 06:00 2022-05-05 UTC + 00

Crypto Industry News:

VanEck, an investment firm that manages assets worth more than $ 82mld, unveiled its entry into the metawerse, releasing its 1,000 NFT collection on Monday.

The VanEck Community NFT, based on the Ethereum network, features an illustration by Alexander Hamilton known as “Hammy” as he travels through time and space in his quest to understand past, present, and future financial policies. The New York-based investment management firm believes it will be able to showcase the usefulness of digital assets in the real world as well as create a forum for investors to learn more about digital assets through fundraising:

Our character “Hamma” will be a great guide for anyone who wants to see the past, present and future of finance.

The airdrop will be classified as Regular (750), Rare (230), and Legendary (20). Each NFT owner will be able to take advantage of several unique benefits based on these three tiers. VanEck Community NFT co-founder Matt Barlett said the initiative is intended to be a digital membership card that would provide unique access to various events as well as educate users about cryptocurrency assets.

Technical Market Outlook:

The ETH / USD pair has made a new swing low at the level of $ 2,717, but the bulls had failed to bounce higher from this level. In order to make a full V-shape reversal, the bulls must break above the last high seen at the level of $ 3,178, however, so far the local high was made at the level of $ 2,979. The nearest technical resistance is seen at $ 2,979 and the immediate technical support is located at $ 2,767 and $ 2,753. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $ 2,503. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact.

Weekly Pivot Points:

WR3 – $ 3,297

WR2 – $ 3,159

WR1 – $ 2,964

Weekly Pivot – $ 2,841

WS1 – $ 2,649

WS2 – $ 2,518

WS3 – $ 2,324

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues with no problems 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 key long term technical support is seen at the level of $ 2,646.

Exchange Rates 04.05.2022 analysis

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2022

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