Technical Analysis of ETH/USD for March 15, 2021

Crypto Industry News:

According to regulatory authorities in the Seychelles, despite claiming to comply with local laws, Huobi did not register with the relevant regulatory authorities.

The Seychelles Financial Services Authority, or FSA, has released an official statement saying that Huobi Global Limited is not registered in this country, despite being publicly affiliated with Huobi.com International Business Company crypto services.

The FSA stated that Huobi Global Limited does not have any license from the regulator to trade in virtual assets. "As such, the entity is not regulated by the FSA, nor has it been in the past," they said. The authorities then called on investors and the public to be vigilant with regard to the services offered by Huobi Global Limited as well as "any other company providing such services".

"Huobi Global Limited is a Seychelles registered company within the Huobi Group. We provide services to clients around the world in accordance with applicable regulations. We are currently communicating closely with the FSA to clarify the situation. We understand that this alert will soon be lifted," said Huobi spokesman contradicting the statement.

Pursuant to the user agreement on the Huobi Global website, Huobi Global Limited is a company incorporated in the Republic of Seychelles under the laws of the Republic of Seychelles.

Huobi's official website relies heavily on Seychelles law as part of its terms of service, including multiple mentions of jurisdiction in its legal statement. "This website aims to provide professional, secure and trustworthy digital asset transaction and management services [...] without violating the relevant laws and regulations of the Republic of Seychelles," the statement reads.

Technical Market Outlook:

The ETH/USD pair has been seen moving up all the weekend long and made a new local high at the level of $1,940. Ethereum should continue the wave up towards the $2,000 level first and then towards the recent swing high seen at $2,035. The market keeps moving inside of the trading channel, but in order to do so, the technical support at the level of $1,725 should not be violated. Please keep an eye on the RSI indicator as it is pointing down already, so any breakout below the fifty level will accelerate the pull-back towards the channel lower boundary line.

Weekly Pivot Points:

WR3 - $2,266

WR2 - $2,113

WR1 - $1,975

Weekly Pivot - $1,820

WS1 - $1,716

WS2 - $1,552

WS3 - $1,423

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. 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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