Technical Analysis of ETH/USD for May 12, 2021

Crypto Industry News:

Ethereum behaves like an express train with many on-demand stops on its route, but no one presses a button. The ETH / USD exchange rate recorded another price record this morning.

At the time of this publication, ETH prices are showing an 11% increase in the last 24 hours, with a 100% rally over 30 days. In the last 361 days, this gives a result exceeding 2215% (according to CoinGecko).

As the price rose, the ETH capitalization, which exceeded $ 500 billion for the first time in history, also had a new milestone.

Currently, ETH is worth more than the financial services giant Visa, which last month began a pilot settlement of USD Coin (USDC) stablecoin transactions on the Ethereum blockchain.

Technical Market Outlook:

The ETH/USD pair has made a new all time high at the level of $4,363, so all the drop after the Bearish Engulfing candlestick pattern was made has been retraced already. The next target for bulls is seen at the level of $4,500 as the up trend continues.The zone between the levels of $4,000 - $3, 980 will now act as a short-term demand zone. The key short-term support is seen at the level of $4,204. The momentum is strong and positive, so it supports the bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $4,545

WR2 - $4,714

WR1 - $4,394

Weekly Pivot - $3,656

WS1 - $3,369

WS2 - $2,577

WS3 - $2,290

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, 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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