Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for February 18, 2021

Crypto Industry News:
Elon Musk undoubtedly enjoys giving inspirational tweets and wants to colonize Mars. The last action performed by Tesla's CEO combined both elements.

After yesterday's tweet about "MarsCoin", the price of a real Marscoin has increased by over 1000%. The tweet was part of a Dogecoin thread. Changpeng Zhao, the head of the Binance cryptocurrency exchange, suggested that if Musk were to launch the cryptocurrency, it should be called MarsCoin.

It turns out that Marscoin - $ MARS already exists. This is a project that was developed in 2014. After years of trading below $ 0.20, its price surpassed $ 2.50 yesterday and dropped back to $ 0.85 around the time of publication.

The team behind Marscoin has a common goal with Musk: funding the first human settlement on Mars. The brief explanation suggests that humans first mine Marscoin here on Earth, and then when the technology is developed, "a copy of the blockchain can be transferred to Mars."

There is even a photo of Musk on the website, although the FAQ subpage reveals that he is not actually related to the project.

Musk tweeted something similar about Marscoin in December, but it didn't seem to have affected the digital asset's price at the time, which was still stable around $ 0.17.


Technical Market Outlook:
The ETH/USD pair has broken through the short-term trend line resistance located close to the level of $1,800 and hit the level of $1,916. The next target for bulls is seen at the level of $2000. The intraday technical support is currently located at the level of $1,873. Please notice, the level of $1,904 is the 161% Fibonacci extension of the last wave up, so the bulls must continue to move up, otherwise a consolidation will be a reason for bears to try to push the prices down again.

Weekly Pivot Points:
WR3 - $2,286
WR2 - $2,080
WR1 - $1,977

Weekly Pivot - $1,768
WS1 - $1,663
WS2 - $1,454
WS3 - $1,346


Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.






Sebastian Seliga
Analytical expert
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