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Technical Analysis of ETH/USD for December 6, 2022

Crypto Industry News:

A Chinese court in the city of Hangzhou has ruled that NFT token collections are online virtual property that should be protected under Chinese law.

An article published by the Hangzhou Internet Court, a specialist internet court, reveals favorable comments for NFTs after the country began cracking down on cryptocurrencies in 2021, leaving NFTs in a gray area.

The article states that NFTs “have subjective property rights features such as value, rarity, controllability, and marketability” and “belong to virtual network property” that “should be protected by the law of our country.”

The court decided that it was necessary to “confirm the legal attributes of NFT digital collections” for the case and acknowledged that “Chinese laws currently do not clearly define” the “legal attributes of NFT digital collections”.

The court order was expedited in a case where an anonymous technology platform user sued a company for refusing to complete a sale and canceling an NFT purchase from a “flash sale” because the user provided a name and phone number that allegedly did not match the company’s information.

Technical Market Outlook:

The Ethereum cryptocurrency has made the recent local high at the level of $1,308 in extremely overbought conditions, so a pull-back towards the level of $1,236 is taking place whole the bulls are again trying to resume the rally. The intraday technical resistance is located at $1,305, but the next target for bulls is seen at $1,343. The momentum is neutral on the H4 time frame chart, so the short-term outlook remains neutral as well. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.

Weekly Pivot Points:

WR3 – $1,345

WR2 – $1,317

WR1 – $1,305

Weekly Pivot – $1,289

WS1 – $1,277

WS2 – $1,261

WS3 – $1,233

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 at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.

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