Technical Analysis of ETH/USD for August 27, 2021

Crypto Industry News:

Facebook, which is currently finalizing the development of its proprietary Novi cryptocurrency wallet, may soon support NFT tokens as well.

David Marcus, head of Facebook Financial and co-creator of the Facebook-initiated cryptocurrency Diem, said the company is "definitely looking" for possible ways to engage in the NFT industry.

Facebook is considering many options for introducing the NFT feature as it is in "really good position to do so," Marcus said in a TV interview.

Marcus also said Novi's crypto wallet is now ready, but Facebook has decided to hold its launch until the company gets regulatory approval to start with Di. Facebook began working on the digital currency two years ago, initially under the name Libra. The social media giant would still consider launching Novi without Diem "as a last resort," Marcus said, but believes both are necessary for Diem to succeed.

Facebook published a white paper for its then-Libra in June 2019, originally planning to link the digital currency to several fiat currencies, including the US dollar, Euro, Japanese yen, British pound and Singapore dollar. Due to global regulatory pressure, the Libra Association has since been struggling to launch its stablecoin, eventually renaming the Diem Association and redesigning the digital currency to be pegged solely to the US dollar and subject to US government regulation.

Technical Market Outlook:

The ETH/USD pair has broken below the technical support seen at the level of $3,122 and made a new local low at the level of $3,059. Since then the price had been seen consolidating around that level, so the corrective decline might be completed. The immediate technical support is located at the level of $2,977, so the bears still have a room to push the prices lower, especially the momentum is weak and negative already.

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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