Technical Analysis of ETH/USD for March 9, 2021

Crypto Industry News:

US bank JPMorgan has 34 open positions in Blockchain technology posted on its website. Most jobs posted are for the United States, India and Singapore. Many of the positions are directly related to Onyx, a branch set up last October to oversee JPM Coin, a bank's wholesale payment token.

Numerous Blockchain Engineer positions focus on integrating both JPM Coin and Link with JPMorgan's payment architecture. When Onyx was launched, JPMorgan announced that the new division would have approximately 100 jobs.

Recently, big banks have spoken out about entering the cryptocurrency space, looking at areas like cryptocurrency storage and potentially digital asset trading. While JPM has been relatively quiet on these fronts, there is clearly a lot going on behind the scenes.

Contrary to JPMorgan's 56 "Blockchain" job search results, Goldman Sachs, who recently told Reuters that it is restarting its cryptocurrency trading position, only has two Blockchain / Cryptocurrency jobs. Morgan Stanley also has two Blockchain-related jobs open while BNY Mellon shows four positions.

Thirteen jobs at JPMorgan relate to Onyx and Link, three of which are based in Bangalore, India, two in Singapore and the rest in the United States. Marketing manager vacancies at Link are also listed, as well as an adjacent Blockchain position in commercial real estate based in Palo Alto, California.

Technical Market Outlook:

The ETH/USD pair has hit the upper channel line around the level of $1,834, but the high was made at the level of $1,859 in form of a Doji candlestick pattern. This indicates a possible pull-back towards the level of 41,753 in the near future. Please notice, the 1:1 Fibonacci extension level located at $1,804 had been hit as well, but the response from bears is muted so far. The key short-term technical support is seen at the level of $1,633 and the next target for bulls is located at $1,902.

Weekly Pivot Points:

WR3 - $2,090

WR2 - $1,882

WR1 - $1,810

Weekly Pivot - $1,598

WS1 - $1,500

WS2 - $1,295

WS3 - $1,210

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 $2,100. 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.


The material has been provided by InstaForex Company -