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Technical Analysis of ETH/USD for September 13, 2021

Crypto Industry news:

The Cardano network has successfully completed the Alonzo update, as a result of which functionalities related to smart contracts have been included in the altcoin main network.

The inclusion of smart contracts on Cardano crowns many years of work by the development team, as well as expectations from the loyal Cardano community. Along with Alonzo, the network has gained a significant expansion of the technological and investment potential in which many users place so much hope. Cardano now has the ability to create and process contracts to further strengthen its ecosystem.

Alonzo's assumptions were incorporated into Cardano through a hard fork. IOHK informed about the success of the update. This means that the network now supports smart contracts, allowing different teams and projects to start building and implementing their protocols directly in Cardano.

Technical Market Outlook

The ETH/USD pair has failed to rally higher above $3,550 and is getting closer towards the long term trend line support again. This is the line in the sand for bulls, so any sustained breakout below the trend line is very bearish and might expose the technical support located at $2,906 for a test. The nearest technical supports are seen at $3,185, 43,122 and $3,052. The key short-term supply zone is located between the levels of $3,552 - $3,596.

Weekly Pivot Points:

WR3 - $4,704

WR2 - $4,312

WR1 - $3,783

Weekly Pivot - $3,411

WS1 - $2,806

WS2 - $2,445

WS3 - $1,829

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.

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