Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for August 24, 2021

Crypto Industry News:
UK residents can now buy, store and sell cryptocurrencies via PayPal - a significant milestone for the company that started offering digital asset services less than a year ago.

A global payment provider announced that UK customers will soon be able to access Bitcoin, Ethereum, Litecoin, and Bitcoin Cash via the PayPal website and mobile app.

This step marks the first expansion of PayPal's cryptocurrency services beyond the United States - a service that was launched last November.

Jose Fernandez Da Ponte, senior director of PayPal's crypto division, cited "digitization of money" during the pandemic as one of the main motivations to enter the cryptocurrency market.

"Our global reach, digital payment expertise and knowledge of consumers and businesses, coupled with stringent security and compliance controls, provide us with a unique opportunity and responsibility to help people in the UK discover cryptocurrencies," he said.

By offering its cryptocurrency services to UK residents, PayPal can play a big role in increasing exposure to digital assets in the country. Among all European countries, PayPal's share is the highest in Great Britain and amounts to over 2 million monthly active users.

Rumors of PayPal's cryptocurrency expansion plans have been circulating since last month when CEO Dan Schulman told investors that the UK was likely to receive the service soon. The company is also looking at the development of decentralized financing or DeFi, which is a possible precursor to future integration plans.


Technical Market Outlook:
The ETH/USD pair has made a new swing high at the level of $3,356 and keeps the momentum red hot. The next target for bulls is seen at the level of $3,489 and $3, 553. The immediate technical support is located at the level of $3,274. The strong and positive momentum supports the short-term bullish outlook despite the overbought market conditions on the H4 time frame chart.

Weekly Pivot Points:
WR3 - $3,720
WR2 - $3,519
WR1 - $3,345

Weekly Pivot - $3,142
WS1 - $2,951
WS2 - $2,757
WS3 - $2,565


Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. 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 of InstaForex
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