Technical Analysis of ETH/USD for May 28, 2021

Crypto Industry News:

According to a new survey related to cryptocurrencies, the lack of knowledge and understanding of cryptocurrencies is the biggest obstacle to its wider application.

The Economist Intelligence Unit, the Economist group's research and analysis division, has released a new report called Digimentality 2021.

The study was commissioned by the Crypto.com platform and conducted on 3,053 people from February to March 2021.

According to the survey, 51% of respondents said the lack of knowledge is a major obstacle to the adoption of open source cryptocurrencies such as Bitcoin and Ether. In contrast, 34% of survey participants cited security concerns as the main obstacle, and 29% indicated difficulty knowing where to buy cryptocurrencies.

Regarding the acceptance of cryptocurrencies by institutional investors, 47% of respondents said the biggest obstacle to adoption was the overall market confidence or understanding of digital currencies. About 32% of respondents cited crypto regulation as a major obstacle to broader institutional acceptance.

By contrast, 43% and 36% said that the structures of financial markets and the volatility of assets were the main obstacles.

Technical Market Outlook:

After the three Pin Bar candlestick patterns were made, the ETH/USD pair had been rejected from the technical resistance seen at $2,861 and the bears had pushed the price below the technical support seen at the level of $2,639. The market still trades inside of the main descending channel and the breakout above the upper channel line is the most important breakout for the bulls right now. The bears are still in full control of the market and the next target for bears is seen at the level of $1,729, $1,633 and $1,544. The nearest technical support is seen at the level of $2,201.

Weekly Pivot Points:

WR3 - $4,688

WR2 - $4,131

WR1 - $2,922

Weekly Pivot - $2,341

WS1 - $1,141

WS2 - $579

WS3 - $181

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.

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The material has been provided by InstaForex Company - www.instaforex.com

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