Technical Analysis of ETH/USD for March 29, 2021

Crypto Industry News:

Indonesia's deputy trade minister, Jerry Sambuaga, announced that his ministry would soon launch its own cryptocurrency exchange. The initiative will allow the government to take over part of the dynamically developing cryptocurrency sector in the country, where last year's cryptocurrency trading is estimated at around $ 4.44 billion, according to data provided by the deputy minister.

"In the near future, perhaps in the coming months, and maybe even next month, there will be an exchange regulating and adjusting transactions in these crypto commodities," Sambuaga said during the cryptocurrency webinar.

Sambuaga drew attention to the growing value of the Indonesian cryptocurrency market. He said, "This shows the future direction in which digital assets [and] digital goods can be an alternative. It may even be the main pillar of our trade growth. "

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $1,541, which is the 61% Fibonacci retracement of the last wave up and went up towards the level of $1,800. The bulls had been struggling to continue the rally and the market is still trading below the short-term trend line resistance. The recent local high was made at the level of $1,729, so only a sustained breakout above trend line will open the road towards $1,800 again and put the bulls back into control of the market. The immediate technical support is seen at the level of $1,648.

Weekly Pivot Points:

WR3 - $2,053

WR2 - $1,922

WR1 - $1,793

Weekly Pivot - $1,670

WS1 - $1,525

WS2 - $1,400

WS3 - $1,267

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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