Technical Analysis of ETH/USD for March 30, 2021

Crypto Industry News:

Visa is opening up to settlements with digital currencies. The payment operator announced yesterday that it made a transaction using USDC on the Ethereum blockchain.

According to the content of the published announcement, Visa has devoted the last 18 months to developing a path to settling the digital currency in its infrastructure. The payment operator said it will be working with Anchorage, a digital asset bank, as a clearing partner and also with Crypto.com as a payment gateway.

The first major player to settle USDC transactions

Visa says the infrastructure enhancements outlined above will support central bank digital currencies (CBDCs) as they are deployed in the future.

"Cryptocurrency fintechs want partners who understand their business and the complexities of digital currency factors," said Jack Forestell, director of Visa products. "Today's announcement is a milestone in our ability to meet the needs of fintechs managing their business with either stablecoin or cryptocurrency, and is actually an extension of what we do every day."

Visa stressed that determining what digital assets to offer as billing options boils down to three factors: demand, stability and security. For the latter two, the company says it addresses primarily price fluctuations and liquidity, as well as compliance and management protocols.

Technical Market Outlook:

The ETH/USD pair has broken above the short-term trend line resistance around the level of $1,780 and hit the technical resistance at the level of $1,836. The rally from the level of $1,544 had ended with a Doji candlestick at the H4 time frame chart, so some kind of pull-back or local consolidation is possible now. The immediate technical support is seen at the level of $1,729, but for now the market made an intraday low at the level of $1,786. The next target for bulls is seen at the level of $1,872, $1,888 and $1,941 (ATH).

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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