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Technical Analysis of ETH/USD for May 17, 2021

Crypto Industry News:

MicroStrategy, a Virginia-based company, has added another 271 Bitcoins to its strategic reserves, highlighting CEO Michael Saylor's growing belief in digital assets.

The purchases were made through May 13 for an average price of $ 55,387, Saylor revealed. MicroStrategy now has 91,850 BTC in its books at an average purchase price of $ 24,403.

MicroStrategy also disclosed the purchase of the US Securities and Exchange Commission via an 8-K form filed on Thursday.

While the MicroStrategy purchase appears to have coincided with the recent Bitcoin price correction, triggered by Elon Musk's sudden decision to stop accepting BTC payments for Tesla vehicles, the economic intelligence firm is not mapping the market. Saylor indicated in February that he had no plans to slow down the pace of his company's BTC purchases when he seized digital assets worth $ 1 billion.

MicroStrategy tops the list of Bitcoin's corporate vaults, accounting for 0.437% of the supply of assets in circulation and acquires Bitcoin on the assumption that digital assets are a reliable means of custody in the face of a systemic dollar weakness.

The M2 money supply in the United States has increased sharply since the 2008 financial crisis and more recently since the COVID-19 pandemic. Since February 2020, the money supply has risen by almost 30% to $ 19.896 trillion, according to the Federal Reserve Bank of St. Louis. In retrospect, the year-on-year growth of the M2 money supply never exceeded 15% by 2020.

Technical Market Outlook:

The ETH/USD pair has made another wave down to the level of $3,162. The zone located between the levels of $3,184 - $3,000 is the key short-term demand zone and any violation of this zone will lead to another wave down towards the level of $2,955 and $2,757. The immediate technical resistance is seen at the level of $3,489, $3,552 and $3,596. The market is in full control of bears and only a strong breakout above the level of $3,623 (38% Fibonacci retracement of the last wave down) would temporary change the outlook to bullish (but still corrective in nature).

Weekly Pivot Points:

WR3 - $4,859

WR2 - $4,608

WR1 - $3,835

Weekly Pivot - $3,623

WS1 - $2,857

WS2 - $2,581

WS3 - $1,823

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 $3,000, 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