Technical Analysis of ETH/USD for March 1, 2021

Crypto Industry News:

OLB Group (OLB), a New York-based e-commerce service provider, enables businesses to accept cryptocurrency payments.

Over 8,500 OLB sellers can now accept Bitcoin, Ethereum, USDC, and DAI at the point of sale through the company's OmniSoft business management platform. Customers looking to pay with cryptocurrency in-store or by mobile can simply choose to do so using cryptocurrency wallets. All payments are processed through SecurePay, the payment gateway that authenticates the transaction, converts the cryptocurrency into US dollars, and approves the final sale.

The decision to integrate cryptocurrency payments was partly driven by the surge in contactless and online orders during the Covid-19 pandemic. As the OmniSoft platform already provides merchants with several payment facilitation options, cryptocurrencies were the next logical step.

Ronny Yakov, CEO of the OLB Group, says the payment gateway and point-of-sale architecture is "familiar territory for merchants," making it easier to integrate cryptocurrencies through such channels.

When it comes to cryptocurrency payments - a promising but untapped use case in the industry - Yakow believes we're still in a very early stage of implementation.

"It is very early on in adopting cryptocurrencies as payments, but we see growing interest from merchants exploring this payment option as a way to meet customers wherever and whenever they want," says Yakov.

As scaling and sidechain development is still ongoing, it remains to be seen whether cryptocurrencies will ever function effectively as payment systems.

Technical Market Outlook:

The ETH/USD pair has bounced from the low seen at the level of $1,295 and is currently trying to break higher above the level of $1,348. The next target for bulls is seen at the level of $1,478, but even if this level is hit, then the next most important target for bulls is the overbalance level located at $1,619. As long as the market trades below the overbalance level, the correction might develop. Please keep an eye on the RSI indicator as it clearly shows the momentum is still negative.

Weekly Pivot Points:

WR3 - $2,368

WR2 - $2,149

WR1 - $1,728

Weekly Pivot - $1,511

WS1 - $1,076

WS2 - $857

WS3 - $438

Trading Recommendations:

During the recent corrective cycle Ethereum has lost almost 50% of its value , but the longer term up trend on the Ethereum continues. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.

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The material has been provided by InstaForex Company - www.instaforex.com

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