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Technical Analysis of ETH/USD for May 24, 2021

Crypto Industry News:

With the recent volatility in the cryptocurrency market and the growing dominance of Ethereum (ETH), the debate on the topic of ETH vs BTC has flared up. Even a few big players joined it. Wall Street banking giant Goldman Sachs recently published its Global Macro Research report. In it, he spared nice words towards the king of smart contracts - Ethereum.

Santeago Santos, general partner of ParaFi Capital, shared some key points and excerpts from the report. We can read in them:

"Ether beats bitcoin as a store of value. The Ethereum ecosystem... provides developers a way to create new apps. Most of DeFi apps are being built on Ethereum. The greater number of transactions in ether vs bitcoin reflects this dominance "- Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM

The banking giant also noted that Ethereum had the advantage of a pioneer. Ethereum has been supporting DeFi and NFT from the beginning. Goldman added that Ether is also "the right platform for the safe and private storage of information that can be monetized with tokens."

Creating a digital profile on Ethereum can help users store personal information, including medical history, asset ownership, intellectual property rights, and more. Goldman refers to the Ethereum platform as the "Information Amazon".

Technical Market Outlook:

The ETH/USD pair has made a new swing low at the level of $1,829 during the weekend after a failure to bounce above The level of $2,861. The bears are in full control of the price and the next target for beats is seen at the level of $1,729, $1,633 and $1,544. Please notice, the market keeps trading out of the main channel, so the down wave might occur any time now. The nearest technical resistance is seen at the level of $2,201 and $2,639.

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