Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for August 17, 2021

Crypto Industry News:
According to the announcement published several hours ago on LinkedIn, Walmart - one of the most recognizable retailer brands in the US - is looking for a cryptocurrency specialist.

The announcement said the company is "looking for a visionary leader" who will take - as it has been said - a leadership position in digital currencies and cryptocurrencies. This person would create a digital currency strategy for a large chain store.

"You will be responsible for developing the digital currency strategy and product roadmap," reads the announcement. "As an expert in digital currency / cryptocurrency and blockchain technologies, you will lead the vision of the roadmap in terms of development opportunities and the product itself."

The person employed in this position will also be responsible for "identifying investment areas in the field of cryptocurrencies and forging strategic partnerships in this area".

It is not clear from the content of the advertisement which products a given person would introduce to the market. The job advertisement was published weeks after rumors surfaced that Walmart's rival Amazon was poised to enter the cryptocurrency market. Amazon also posted a job for a leader in digital currencies and blockchain.


Technical Market Outlook:
The bounce on the ETH/USD pair from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls did not manage to close the daily candle above the level of $3,330, so it might be a time for another pull-back during the up trend. The immediate technical support is seen at the level of $3,185 and $3,122. Any breakout below this level would mean a deeper corrective cycle towards the next technical support seen at $2,978.

Weekly Pivot Points:
WR3 - $3,888
WR2 - $3,615
WR1 - $3,448

Weekly Pivot - $3,162
WS1 - $3,024
WS2 - $2,746
WS3 - $2,578


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.







Sebastian Seliga
Analytical expert
InstaFintech Group © 2007-2021