Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for November 30, 2021


Crypto Industry News:
Swiss Post announced its "Crypto Stamping" initiative in September when it was presented as an attempt to "bridge the gap between the physical and digital worlds of philately." A state-owned company has teamed up with blockchain service provider Inacta to produce the first such stamp.

When the crypto stamp was launched on Thursday morning, the demand was so high that it "temporarily led to technical problems on postshop.ch," Swiss Post announced. This happened after many people interested in purchasing the stamp had contacted the post office in recent weeks, according to a spokesman quoted by Swissinfo.

The publication states that a cryptocurrency stamp consists of two parts - a physical one, which can be purchased for 8.90 Swiss francs ($ 9.50), and a corresponding digital image showing one of the 13 patterns. Each physical seal provides access to a digital representation stored on the blockchain that can be collected and traded.

At first glance, the Swiss Crypto Stamp looks like a regular stamp. It is self-adhesive, shows the Matterhorn and the moon against a blue background, and has a face value of 8.90 CHF. Owners can use it for postage just like any other stamp.

Over the past few years, Switzerland has become the premier cryptocurrency-friendly destination in Europe. Hundreds of blockchain companies are based or represented in the Swiss crypto valley based in the canton of Zug. State-owned enterprises are also looking for involvement in the crypto space.


Technical Market Outlook

After the ABCxABC complex corrective pattern might have been completed at the level of $3,910, the ETH/USD pair has bounced towards the short-term trend line resistance seen around the level of $4,481. The recent local high was made at the level of $4,375, but in order to confirm the up trend continuation bulls must break through the wave B high located at $4,555. The nearest technical support is seen at the level of $4,185 and $4,121. The larger time frame trend is still up.

Weekly Pivot Points:
WR3 - $5,126
WR2 - $4,890
WR1 - $4,581

Weekly Pivot - $4,237
WS1 - $3,938
WS2 - $3,595
WS3 - $3,100


Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. 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. The level of $3,677 is the key mid-term technical support for bulls.








Sebastian Seliga
Analytical expert of InstaForex
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