Crypto Industry News:

Sotheby's is one of the most famous auction houses. He was sued by a group of investors who invested in the NFT Bored Ape Yacht Club token collection. The NFT collection was auctioned in 2021 and their value has dropped to a very low level today.

Buyers of NFT tokens with creatively depicted chimpanzees claim that the auction house acted fraudulently. The lawsuit covers not only the auction house itself, but also the celebrity cream that promoted the entire venture.

NFT Bored Ape Yacht Club tokens will sink Sotheby's auction house

The craze for NFT tokens reached its peak in 2021. It was then that the British auction house Sotheby's became interested in this topic. It is one of the oldest auction houses in the UK as it has been operating continuously since the 18th century. The auction house became interested in the 2021 series of NFT tokens from the famous Bored Ape Yacht Club collection.

It is a collection of 10,000 creative pictures that depict cartoon images of monkeys (specifically chimpanzees). Avatars were generated using an algorithm based on artificial intelligence - thanks to this, each image is unique and unique. Colored chimpanzees can only be purchased with cryptocurrencies as they are NFT tokens. Images benefited from the popularity of NFT in 2021 and the interest in them exceeded everyone's expectations. Prices soared, so the auction house decided to put them on its online auction.

Technical Market Outlook:

The ETH/USD pair has been seen moving sideways in a narrow range during the weekend as the bulls keep trying to bounce from the lows. The current local bounce high was made at the level of $1,693, which is just below the technical resistance located at $1,707. The level of $1,545 will now act as the technical support, but the key technical support is seen at the level of $1,620. Please notice, the current market conditions are extremely oversold on H4 and Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $1,803.

Weekly Pivot Points:

WR3 - $1,710

WR2 - $1,692

WR1 - $1,681

Weekly Pivot - $1,674

WS1 - $1,663

WS2 - $1,656

WS3 - $1,638

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.