Technical Analysis of ETH/USD for April 22, 2021

Crypto Industry News:

The decentralized PancakeSwap exchange surpassed - within 24 hours - the entire Ethereum network in terms of the number of transactions.

The data provided by DappRadar shows over 2 million PancakeSwap transactions compared to 1.55 million Ethereum. At the same time, Binance Smart Chain reported over 6 million transactions, of which approximately 20% occurred within the same 24-hour time frame.

The top five BSC dealers are PancakeSwap, Mdex, Safemoon, PancakeBunny and Venus Protocol. This was confirmed by the Binance Chain community earlier this week.

Chef Hops, one of the anonymous co-founders of PancakeSwap, said that user retention is at the heart of the platform's tremendous success:

"The main strength of PancakeSwap has been fortunate enough to have an incredibly supportive community in addition to low fees and focus on making the most user-friendly and user-friendly statements," Chef Hops confessed, then added:

"User retention is overall extremely high, due to the fact that users find it very difficult to return to an environment where they are paying 100 times more for transaction fees alone."

Technical Market Outlook:

The ETH/USD pair has reversed all the recent losses and is approaching the all time high again. Currently, the market is trading around the level of $2,500, but the momentum remains strong and positive, so the bulls will try to test the ATH soon. The nearest intraday technical support is seen at the level of $2,359 and $2,294. The larger time frame trend remains up and there is no indication of trend termination or reverse.

Weekly Pivot Points:

WR3 - $3,314

WR2 - $2,2828

WR1 - $2,524

Weekly Pivot - $2,211

WS1 - $1,914

WS2 - $1,617

WS3 - $1,300

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 $2,500. The key long term technical support is seen at the level of $2,000, 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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