Technical Analysis of ETH/USD for August 25, 2021

Crypto Industry News:

Ethereum is a large part of Grayscale's portfolio. A recent report shows that the fund currently manages over 3 million ETH worth over $10 billion. This makes Grayscale one of the biggest ethereum holders in the industry.

The asset manager gradually increased its exposure to ETH, adding almost 20,000 ETH to its portfolio in February. Recent reports confirm that since the publication of the last report, the New York-based company has expanded its portfolio with new cryptocurrency resources, which has increased the value of all assets under management from $ 33 billion to $ 41.4 billion.

The fund began offering investors a way to invest in bitcoin through the exchange. However, over the years, Grayscale has added more digital assets to its offering to give investors more exposure to the markets. Grayscale manages a portfolio of many cryptocurrencies. The assets he is interested in include bitcoin, ethereum, litecoin, ethereum classic, and many more.

Technical Market Outlook:

The ETH/USD pair has tested the technical support seen at the level of $3,185 and is trying to bounce. The next target for bulls is seen at the level of $3,489 and $3, 553. The immediate technical support is located at the level of $3,274. The strong and positive momentum supports the short-term bullish outlook despite the overbought market conditions on the H4 time frame chart.

Weekly Pivot Points:

WR3 - $3,720

WR2 - $3,519

WR1 - $3,345

Weekly Pivot - $3,142

WS1 - $2,951

WS2 - $2,757

WS3 - $2,565

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,550. 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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