Technical Analysis of ETH/USD for September 24, 2021

Crypto Industry news:

The US Federal Reserve (FED) continues to evaluate the prospects for the introduction of digital currency in the US and has yet to make a decision on this.

Speaking at a press conference, Chairman Jerome Powell said the Federal Reserve is investigating the merits of creating a digital dollar and plans to issue an article on the matter.

"We believe it is our duty to work on both public policy and technology to create the basis for an informed decision. The ultimate test that we will apply when evaluating a central bank's digital currency and other digital innovations is whether there are clear and tangible benefits that outweigh all costs and risks, said Powell.

Even though several central banks have launched their own CBDC, Powell said the Fed would be in no rush to join the trend.

According to the Fed chairman, the emphasis is not on speed, but on getting things done right, while stating that the United States is not lagging behind CBDC innovations.

CBDCs have come to the fore in the anti-cryptographic narrative endorsed by global banking regulators and government decision makers. Cryptocurrency critics in Washington, such as Senator Elizabeth Warren, have called for the CBDC to be "legal digital public money" compared to the cryptocurrencies that the Senator is known to condemn.

Technical Market Outlook

The ETH/USD pair has been seen moving up after the termination of the ABC corrective cycle at the level of $2,644. The next target for bulls is seen at the level of $3,185, $3,274 and $3,337. The bounce is impulsive and dynamic in nature, so there is a possibility of a new up trend to unfold soon, but so far the bulls were capped at 50% Fibonacci retracement seen at $3,159. The market conditions are bouncing from the oversold levels, so the bulls might hit the level of $3,159 today (50% Fibonacci retracement of the last wave down).

Weekly Pivot Points:

WR3 - $4,190

WR2 - $3,923

WR1 - $3,621

Weekly Pivot - $3,349

WS1 - $3,067

WS2 - $2,787

WS3 - $2,498

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 close 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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