Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for March 23, 2021

Crypto Industry News:
Cristiano Ronaldo became the first footballer to be awarded in crypto for his career achievements. The Juventus star Turin received 770 JUV chips, one for each goal scored in a senior career, Spanish Marca reports.

JUV is the official Juventus fan token, launched in 2019 by the Italian club, on the Chiliz blockchain in conjunction with the Socios.com platform. These tokens give fans the opportunity to vote on the club's decisions, while giving them access to various privileges, competitions and prizes.

The prize of 770 JUV tokens awarded to Ronaldo ahead of Sunday's league game against Benevento is worth around $ 11,750.

While the former star of Manchester United and Real Madrid probably won't need funding anytime soon, it's worth noting that this is the first time a cryptocurrency has been awarded to a footballer as a career achievement award. The growing link between sports and cryptocurrency has made several clubs flirt with the concept of paying players in whole or in part in crypto for some time.

Dozens of soccer teams have been broadcasting fan tokens on the Chiliz blockchain since the beginning, including some of the biggest teams from the biggest leagues in the world such as Manchester City, FC Barcelona and PSG.

The value of Chiliz's native token, CHZ, was a response to the violent actions recently launched by some soccer teams. Since January 1 alone, CHZ's dollar value has risen by more than 2,500%, while its market capitalization has risen from $ 100 million to $ 4.5 billion before falling to $ 3.2 billion.


Technical Market Outlook:
The ETH/USD pair has broken below the key short-term technical support located at the level of $1,721 and is approaching the 50% Fibonacci retracement level located at $1,618. The momentum is weak and negative, so the bears had hit the intraday technical support at the level of $1,648 already and keep pushing lower. Please notice, the violation of 50% Fibonacci retracement opens the road towards 61% retracement located at $1,541. Only a strong breakout back above $1,729 would terminate the sell-off and put the bulls back into control again.

Weekly Pivot Points:
WR3 - $2,051
WR2 - $1,965
WR1 - $1,890

Weekly Pivot - $1,807
WS1 - $1,707
WS2 - $1,636
WS3 - $1,545


Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.






Sebastian Seliga
Analytical expert
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