Technical Analysis of ETH/USD for January 11, 2021

Crypto Industry News:

More and more people are now searching for the word "Ethereum" than ever before in its history.

Google Trends reveals that the number of current Google searches for "Ethereum" is at its highest ever, eclipsing interest in the peak of the recent ETH bull run. The previous peak in popularity of the Ethereum search term was January 13, 2018 - this was the highest-level date in ETH history, $ 1,432.88.

Considered a "people's indicator", the growing Google Analytics interest score for a crypto search term is associated with a positive attitude towards a particular coin / project. While it makes sense that interest in Ethereum searches will peak in the run-up to a new all-time record, the same cannot be said for 'Bitcoin' searches, which remain at 65% of their highest popularity as of December 23, 2017. That said, far more people are searching for "Bitcoin" than "Ethereum" at a ratio of around 5: 1.

The rise in popularity of various crypto phrases has the potential to trigger a self-perpetuating bull run, where curious traders make purchases, driving the price up, thereby generating more interest, resulting in more searches.

Google Trends also provides data corresponding to relative interest by region. Currently, the countries with the greatest interest in "Ethereum" as a search term are Kosovo, North Macedonia, Slovenia, Nigeria and China.

Technical Market Outlook:

The ETH/USD pair might have finally start the corrective cycle. After the yearly top was made at the level of $1,348, the pair reversed sharply and dropped towards the level of $1,000 breaking all the technical support levels along the way. Currently, ETH/USD trades below $1,050 and keeps going lower. The next target for bears is seen at the level of $1,000 and $9,76. Please notice, the momentum is below the fifty level already, so the bears are in full-control of the market, at least for now. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $1,598

WR2 - $1,630

WR1 - $1,500

Weekly Pivot - 1,188

WS1 - $1,038

WS2 - $720

WS3 - $563

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, 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.

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