Technical Analysis of ETH/USD for September 14, 2021

Crypto Industry news:

Litecoin's price rose to over $ 237 yesterday after erroneous reports from news services that the US Walmart will introduce a crypto payment option on all its websites.

CNBC, Reuters, Decrypt and others announced that Walmart plans to introduce a "Pay with Litecoin" option for its retail websites from October 1. This was to happen in partnership with the Litecoin Foundation, an organization that finances and promotes the adoption of the LTC ecosystem.

The reports surfaced thanks to one press release via the GlobeNewsWire distribution site. It stated that Walmart chose to adopt LTC for payments based on its "cheaper and faster" features and a token that "has no central authority".

However, according to CNBC, a Walmart spokesman confirmed that the press release was "inauthentic" about an hour after the reports were published. Data from Cointelegraph Markets Pro shows that the price of LTC increased by more than 35% immediately after the fake report was released, from $ 175 to a monthly high of over $ 237. At the time of publication, Litecoin's price is $ 181.5.

With a market cap of more than $ 406 billion, Walmart previously suggested that it would be looking at cryptocurrencies. In August, the company published a job offer for an expert who could develop a digital currency strategy and product roadmap. However, it was not specifically mentioned that it intends to introduce a crypto payment path.

In addition, Walmart has used blockchain technology to manage its supply chain, customer markets, and smart devices.

Technical Market Outlook

The ETH/USD pair has been seen moving suddenly without any particular direction, so the Doji candlestick had been made after the Litecoin rumors hit the wires. The price has hit the trend line support and bounced towards the level of $3,337. This is the line in the sand for bulls, so any sustained breakout below the trend line is very bearish and might expose the technical support located at $2,906 for a test. The nearest technical supports are seen at $3,185, 43,122 and $3,052. The key short-term supply zone is located between the levels of $3,552 - $3,596.

Weekly Pivot Points:

WR3 - $4,704

WR2 - $4,312

WR1 - $3,783

Weekly Pivot - $3,411

WS1 - $2,806

WS2 - $2,445

WS3 - $1,829

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 $2,906. 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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