Technical Analysis of ETH/USD for August 13, 2021

Crypto Industry News:

Iran's National Tax Administration (INTA) is pushing for a legal framework to tax cryptocurrency trading platforms operating in the country.

Two months after Iranian President Hassan Rouhani's call to establish a legal framework for cryptocurrency trading, INTA detailed the need to legalize digital asset exchanges, cited by local media.

Reminding Iranian regulators that a legal framework is required to levy taxes, INTA said the government should only allow authorized exchanges to convert currency while tracking transactions.

The tax authority called for the legal framework to be maintained on the broader side of the spectrum to avoid harsh conditions for crypto exchanges that could trigger black market proliferation.

Capital gains tax, fixed base tax, and business tax are the three tax systems for cryptocurrency trading platforms proposed by INTA. However, the proposal does not specify mechanisms for taxing crypto companies.

According to sources, the proposal also included decentralized finance. In order to comply with anti-money laundering legislation, the proposal aims to establish an upper limit for transactions made on decentralized exchanges.

Technical Market Outlook:

The ETH/USD pair has resumed the rally and is approaching the recent high seen at the level of $3,274. The next target for bulls is seen at the level of $3,498 and $3,552. The immediate technical support is seen at the level of $3,122 and $3,000. Strong and positive momentum supports the short-term bullish outlook for ETH, especially for the weekend.

Weekly Pivot Points:

WR3 - $4,076

WR2 - $3,643

WR1 - $3,334

Weekly Pivot - $2,889

WS1 - $2,597

WS2 - $2,147

WS3 - $1,835

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.

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The material has been provided by InstaForex Company - www.instaforex.com

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