Technical Analysis of ETH/USD for April 8, 2021

Crypto Industry News:

Sacramento Kings team chairman Vivek Ranadive said on Monday in the Clubhouse that anyone on his team could be paid any amount of Bitcoin. BTC enthusiast Neil Jacobs, who was present at the meeting at the Clubhouse, quoted Ranadive, saying:

"I will announce in the next few days that I am going to offer everyone at Kings that they will be able to get as much of their Bitcoin salary as they want, including the players."

Sacramento Kings became the first NBA team to accept Bitcoin as a payment option in the arena in January 2014, via Bitpay. In 2018, the team announced that they had become the first professional sports team in the world to mine cryptocurrency through a charity program called Miningforgood.

In addition, Kings are working with Blockparty on a blockchain-based rewards program and teamed up with CryptoKaiju to launch a line of crypto-collectables in professional sports. It also launched the first NBA live blockchain based auction platform for authentic Consensys and Treum memorabilia.

Meanwhile, professional footballer Russell Okung gets paid in Bitcoin. He said in January that he had received half of his $ 13 million in BTC salaries.

Technical Market Outlook:

The ETH/USD pair has dropped towards the trend line support around the level of $1,941 which is being tested now. There are some Pin Bars made during the test, so there is a chance for a sustained bounce back up above $2,000. So far the local high was made at the level of $2,024, but bulls are still making pressure to bounce higher and continue the up trend. The next technical support is seen at the levels of $1,887 and $1,873. The ATH had been made at the level of $2,149.

Weekly Pivot Points:

WR3 - $2,774

WR2 - $2,442

WR1 - $2,286

Weekly Pivot - $1,965

WS1 - $1,803

WS2 - $1,504

WS3 - $1,345

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 $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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