Technical Analysis of ETH/USD for March 10, 2021
March 10, 2021 8:23 amVideo
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Crypto Industry News:
Although the price of Ethereum has dropped several hundred dollars from the peak it hit in February, the whales still accumulate large sums in ETH. Recent data showed that major investors own almost 70% of the total ETH supply – the highest level since the end of 2017.
The price of ETH has been very volatile since the beginning of the year. Cryptocurrency entered in 2021 at $ 720. Soon after, the bulls surpassed the 2017 record high of $ 1,450. It wasn’t over, however. Last month, ETH appointed a new ATH of $ 2,036.
A subsequent market correction resulted in a 35% retraction to $ 1,300. Nonetheless, ETH recovered some of its losses and now stands close to $ 1,800. This still equates to an annual return on investment of 135%.
However, these very volatile price movements and the recent decline did not stop the Ethereum whales from purchasing more and significant amounts of digital coins. The number of addresses with 10,000 and more ETH addresses has been growing successively since November 2020.
As a result of the above, Ethereum whales now own 68.6% of the total digital resource supply. According to Santiment, this is “the highest percentage of whale ownership since November 2017.”
Technical Market Outlook:
The ETH/USD pair has again hit the upper channel line around the level of $1,876, but the high was made in form of a Doji candlestick pattern, so the market pulled-back towards the level of $1,758 quickly. 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 (127% Fibonacci extension level).
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 – www.instaforex.com
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