Technical Analysis of ETH/USD for April 23, 2021

Crypto Industry News:

Baillie Gifford, a 110-year-old asset management firm known for its early investments in companies like Tesla, has invested $ 100 million in Blockchain.com's leading cryptocurrency wallet service.

Blockchain.com co-founder and CEO Peter Smith announced on Wednesday that Baillie Gifford's contribution of $ 300 million in March became the largest single investment in the company so far. Smith stated that Baillie Gifford's participation in the round marked "one of their first investments in a crypto firm."

"It is also confirmation that a sustainable and diversified retail / institutional business has tremendous growth potential in the coming years," wrote the CEO.

With over $ 445 billion in assets under management, Baillie Gifford has emerged as a leading technology investor, gaining nearly $ 28 billion, betting early on Tesla and Alibaba and the pharmaceutical company Moderna. Baillie Gifford, one of Tesla's largest outside investors, made $ 16 billion in profit from Tesla's investment alone in August 2020. The company is also known for supporting companies such as Google, Amazon and Airbnb.

Technical Market Outlook:

The ETH/USD pair has made a sharp reversal again, just after a new all time high was made at the level of $2,639. The local low was made at the level of $2,124 (at the time of writing the article), so the bears had broken below the support located at $2,500 and $2,276 (now those levels will act as a technical resistance). The next target for bears is seen at the level of $2,098 and $1,941. The weak and negative momentum supports the bearish short-term outlook for ETH. The larger time frame trend is still up.

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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