FX.co ★ Technical Analysis of ETH/USD for September 21, 2021

Crypto Industry news:

Turkey aims to become the center of Blockchain as a country with one foot in Europe and the other foot in Asia. However, the same passion does not apply to cryptocurrencies, as Turkish President Recep Tayyib Erdogan recently emphasized.

Erdogan hosted a Q&A meeting in Mersin, Turkey with youth from all over the country. One participant referred to the cooperation platform for the digital Turkish lira announced last week and asked if the central bank would accept cryptocurrencies. He also asked Erdogan for his views on cryptocurrencies.

"We have no intention of accepting cryptocurrencies. On the contrary, we are having a separate war, a separate fight with them. We will never support them. Because we will move forward with our own currency, which has its own identity," replied the president.

Turkey first announced plans for a national Blockchain infrastructure in 2019. Since then, the government and local authorities have adopted a pro-Blockchain stance. The government has already announced plans for the central bank's digital currency (CBDC), the testing of which is scheduled for the end of 2021.

Technical Market Outlook

The ETH/USD pair has made a new local low at the level of $2,804, so the sell-off is being continued. The nearest technical support is seen at $2,695 and the technical resistance is seen at $3,052. The weak and negative momentum supports the short-term bearish outlook for ETH despite the oversold market conditions on the H4 time frame chart.

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.