Technical Analysis of ETH/USD for April 29, 2021

Crypto Industry News:

The ATH set on the ETH / USD exchange rate yesterday is a thing of the past. In the last hour, the price of Ethereum surpassed $ 2,700 again, setting a new record at $ 2,757.

Regarding yesterday's record, it was speculated that it was largely triggered by reports that the European Investment Bank in Luxembourg decided to issue two-year bonds worth EUR 100 million on the Ethereum blockchain.

The issuance of these two-year bonds will be managed by such banking giants as Goldman Sachs and Societe Generale. Goldman Sachs also recently announced that it plans to offer its wealthy clients exposure to investing in bitcoin.

Another factor that may be behind the price of ethereum pushing to its historic high is the value of ETH locked in on the Beacon Chain deposit contract. At the time of writing this publication, it is approaching $ 11 billion.

Technical Market Outlook:

The ETH/USD pair has made another all time high at the level of $2,757. There is a Bearish Engulfing and Pin Bar candlestick patterns made at the top of this rally, so it might be a time for a local pull-back, but any further rally will lead to another wave up towards the round level of $3,000. The immediate technical support is located at $2,639. The momentum remains strong and positive, so the odds for another wave up are high. Only a sustained breakout below the $2,500 would change the short-term outlook from bullish to bearish.

Weekly Pivot Points:

WR3 - $3,085

WR2 - $2,863

WR1 - $2,509

Weekly Pivot - $2,289

WS1 - $1,926

WS2 - $1,691

WS3 - $1,326

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 $3,000. 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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