Technical Analysis of ETH/USD for March 3, 2021

Crypto Industry News:

The stock market operator Cboe BZX Exchange submitted to the SEC a declaration of listing and trading shares in the proposed VanEck Bitcoin Trust.

At the end of 2020, the investment firm VanEck applied to the US Securities and Exchange Commission (SEC) to create the VanEck Bitcoin Trust, an exchange-traded fund (ETF).

The Cboe BZX Exchange stock market operator made a proposal to the SEC to list and trade shares of this fund. The submission, it is said, "builds on VanEck's earlier S-1 filing" and "represents the next steps to bring the US's first bitcoin ETF to market."

The proposed rule change would be to "List and trade VanEck Bitcoin Trust shares... in accordance with BZX 14.11 (e) (4), Commodity Trust Shares." According to this rule, the shares would be convertible to Bitcoin.

Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, first proposed the Bitcoin ETF in June 2016. The SEC rejected the proposal. Several companies, including VanEck and Cboe, have filed applications with the regulatory agency only to be rejected or withdrawn eventually.

Technical Market Outlook:

The ETH/USD pair is again trying to break above the trend line resistance located at the level of $1,600. Please notice, the last time the price reversed back towards the level of $1,455, which is the intraday technical support for bulls. The next target for bulls is seen at the level of $1,591, 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 barely positive.

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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