Technical Analysis of ETH/USD for March 26, 2021

Crypto Industry News:

While the legal status of cryptocurrencies remains unregulated in India, domestic companies involved in virtual assets must report their activities in their financial reports. The change is a result of the introduction of amendments by the Ministry of Corporate Affairs to Annex III to the Companies Act of 2013.

According to a document released on Wednesday, Indian companies that have invested or traded cryptocurrencies during the year must disclose their gains or losses.

Other cryptocurrency-related disclosures include the amount of cryptocurrency held by the company as at the reporting date as well as additional deposits made by clients for investment. Amendments to the Companies Act of 2013 will enter into force at the beginning of April.

Firms that need to disclose their cryptocurrency holdings are further reports after Indian securities regulators were keen to prevent entities from IPOs in the crypto market.

Indeed, some IPO promoters are already reportedly making statements stating that they will wipe out all their virtual currency holdings if the government ban cryptocurrencies.

Meanwhile, despite speculation about an impending total ban in India, the country's finance minister said the government is advocating a more calibrated approach to crypto. According to The Economic Times, Shaktikanta Das, president of the Reserve Bank of India, said that both the RBI and the finance ministry share the same views on cryptocurrencies.

Technical Market Outlook:

The ETH/USD pair has bounced from the key Fibonacci retracement located at the level of $1,549 and is currently trading around the level of $1,633, which is a technical resistance. In a case of a failure to rally higher, the next target for bears is seen at the level of $1,455 and $1,438. The weak and negative momentum confirms the short-term bearish outlook for ETH. Only a strong breakout back above $1,648 and then above $1,729 would terminate the sell-off and put the bulls back into control again.

Weekly Pivot Points:

WR3 - $2,051

WR2 - $1,965

WR1 - $1,890

Weekly Pivot - $1,807

WS1 - $1,707

WS2 - $1,636

WS3 - $1,545

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.

analytics605da06d09d84.jpg

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

Pages