Technical Analysis of ETH/USD for September 15, 2021

Crypto Industry news:

The Colombian government has decided to fund a new application, board game and book to educate children and teenagers about investing in cryptocurrencies. The game was proposed by Henry Jean Velasquez in response to the government's call for innovative projects that could support financial education among young Colombians.

The game called "B Coin: Learn to Invest in the Stock Market" simulates the retail experience.

The government has announced a competition under the CREA Digital Call 2021 program jointly launched by Colombia's ministries of culture and science, technology and innovation. As the winner, Velasquez will receive 119 million pesos (approximately $ 31,000), and in November it will present a remastered version of its proposed game in the form of a downloadable graphic novel for Windows and Android. From December, B Coin will be distributed through popular app stores.

In addition to the new version, Velasquez will also produce a board game and book by March 2022 to further enhance the project.

As reported in the media, some researchers in the United States recently revealed their concerns that American teens feel negative about the trade, partly because they witnessed the GameStop saga. Accordingly, efforts have been stepped up to change the minds of teenagers by promoting pro-stock education programs.

South Korean researchers, on the other hand, feared that the growing reliance of millennials on loan-funded speculative investments such as stocks and cryptocurrencies was putting them into a high-indebtedness trap. They also noted that many younger people see day trading as "a once in a lifetime opportunity" to break out of financial uncertainty and help them survive in an uncertain job market, reduced wages and disproportionately high real estate prices.

Technical Market Outlook

The ETH/USD pair has been seen moving up and down, still without any particular direction. The price has hit the trend line support and bounced towards the level of $3,450 so far. 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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