The Ethereum Has Located Just Above The Key Short-Term Technical Support

Crypto Industry News:

The executives of California-based Silvergate Bank, a financial intermediary for the cryptocurrency industry that recently filed for bankruptcy and went into liquidation, sold shares worth more than $103 million in total at the peak of the crypto bull market. Former CEO Dennis Frank "worked out" about 25% of that statistic by selling nearly 189,000 shares between March and November 2021. President Frank's average selling price was $140 apiece. Other insiders selling at the top include vice chief executive Derek Eisele, chief executive officer Alan Lane, chief strategist Ben Reynolds and chief operating officer Kathleen Fraher.

According to data from the insider trading service OpenInsider, insiders were selling their shares for an average of $133 per share. The value of the shares cashed in at the top is 4% of the company's average market capitalization of $3.6 billion during the highs of the cryptocurrency market. It is worth noting that some insiders bought stocks at a time when the bull market was in full swing, such as CEO Lane and CEO Thomas Dircks. They spent a total of nearly $250,000 on stocks in November 2019. Lane later sold nearly 178,000 shares for $18.6 million between June 2021 and July 2022.

Silvergate's leadership, however, was not alone in its action. Insiders at other leading cryptocurrency companies, including Signature, MicroStrategy, Block (formerly Square), and cryptocurrency mining companies like Marathon and Riot, sold around $661.4 million in stocks as markets peaked during the recent bull market .

Technical Market Outlook:

The ETH/USD pair had bounced from the level of $1,369, located just above the key short-term technical support and is currently testing the short-term trend line resistance seen around the level of $1,633. The 50 DMA is seen at the level of $1,598, so any daily candle close above this level might be bullish in the short-term for ETH. The positive momentum on the daily time frame chart supports the short-term bullish bias for ETH.

Weekly Pivot Points:

WR3 - $1,709

WR2 - $1,656

WR1 - $1,629

Weekly Pivot - $1,603

WS1 - $1,575

WS2 - $1,550

WS3 - $1,497

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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.