Technical Analysis of ETH/USD for February 17, 2021

Crypto Industry News:

New applications and measures implemented by public health authorities around the world during the COVID-19 pandemic have sparked a debate on how to balance biological surveillance with the right of individuals to the privacy of their personal data.

In California, the Collaborative Charter Services Organization, which provides administrative support services to charter schools, has decided to implement a pandemic management system that priorities the privacy of its users' data. The blockchain solution, called "Team.Care Network", was developed by the medical startup Solve.Care and works as a mobile application.

Solve.Care said the solution would help schools track possible COVID-19 exposure in their community and should help them manage their return to personal education in a more controlled and careful manner. Pradeep Goel, CEO of Solve.Care, noted that California lawmakers are increasingly recognizing the importance of data privacy rights and have established a legal framework to help protect their residents:

As previously reported in the media, a number of blockchain solutions to solve problems, such as COVID-19 exposure tracking, vaccine management, and virus-related data visualization, have been deployed worldwide by entities including Arizona State University in the United States, the UK National Health Service and the Brazilian Government.

Technical Market Outlook:

The ETH/USD pair has been consolidating the recent gains after the market bounced from technical support located at $1,677. The market made a Pin Bar candlestick pattern as the levels below $1,700 were bought back up and the market is currently trading around the level of $1,750 again waiting for a trigger to resume the up trend. The next target for bulls is seen at the level of $1,900, but first they have to break through the short-term trend line resistance seen around the level of $1,800 (marked orange on chart). Only if the trend line is violated, the trend might be continued towards the new ATH.

Weekly Pivot Points:

WR3 - $2,286

WR2 - $2,080

WR1 - $1,977

Weekly Pivot - $1,768

WS1 - $1,663

WS2 - $1,454

WS3 - $1,346

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, 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.


The material has been provided by InstaForex Company -