Technical Analysis of ETH/USD for August 16, 2021



Crypto Industry News:

Christopher Perkins will become the new President and Managing Partner of CoinFund.

The information is important because it shows how strongly the blockchain industry and the cryptocurrency market have developed. Until a few years ago, it was hard to imagine a situation where a high-ranking employee in the financial sector (Perkins was one of Citigroup's CEOs) would quit everything to work in the cryptocurrency industry. Hiring a new CoinFund president is expected to positively affect the company's reputation.

CoinFund CEO on hiring Christopher Perkins

According to CoinFund founder and CEO Jake Brukhman, this is not only a milestone for the company, but an announcement of a trend in which Wall Street will start to pay attention to the possibilities of blockchain technology:

"Chris joining CoinFund is not only a major milestone for our firm, but is also indicative of a broader trend as Wall Street turns its attention to the opportunities within the blockchain-technology space".

Technical Market Outlook:

The ETh/USD pair has been seen rallying during the weekend. The bounce from the level of $3,122 was strong and bulls tested the recent high seen at the level of $3,330. Nevertheless, the bulls were not strong enough to close the daily candle above the level of $3,330, so it might be a time for another pull-back during the up trend. The immediate techncial support is seen at the level of $3,185 and $3,122.

Weekly Pivot Points:

WR3 - $3,888

WR2 - $3,615

WR1 - $3,448

Weekly Pivot - $3,162

WS1 - $3,024

WS2 - $2,746

WS3 - $2,578

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,000. 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 $2,695. 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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.