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FX.co ★ Technical Analysis of ETH/USD for April 15, 2021

Technical Analysis of ETH/USD for April 15, 2021

Crypto Industry News

The European Central Bank has published the results of the public consultation on the digital Euro. The institution is getting closer to deciding whether to formally initiate work on such an initiative.

According to the press release published today, the ECB received over 8,200 responses as part of the public consultation on the digital Euro. This is undoubtedly a record result when it comes to the historical volumes of involvement in such consultations. Of all the responses, 47% were from Germany. A significant proportion of them also came from Italy and France, which account for 15% and 11% of all responses respectively.

What did the respondents say?

Most respondents said that a satisfactory level of privacy would be the most desirable feature of a potential digital Euro. Such a declaration accounted for 43% of all EU citizens and professionals who participated in the consultations.

"Privacy is considered a key feature of the digital Euro by both citizens and consultants, especially retailers and other businesses," the report notes.

Security and the ability to make payments throughout the Euro area were mentioned as top priorities at 18% and 11%, respectively. 9% of respondents stressed the importance of eliminating additional costs and 8% stressed the need to use the digital Euro offline.

Technical Market Outlook:

The ETH/USD pair has made a new all time high at the level of $2,475 (at the time of writing the article) and keep going up. The next target for bulls is seen at the level of $2,500. The momentum is strong and positive, so the up trend might be continued with occasional pull-backs. The larger time frame trend is up as well and there is no indication of the up trend termination. The immediate technical support is located at the level of $2,314 and $2,201.

Weekly Pivot Points:

WR3 - $2,536

WR2 - $2,369

WR1 - $2,274

Weekly Pivot - $2,100

WS1 - $2,008

WS2 - $1,819

WS3 - $1,739

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.

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Technical Analysis of ETH/USD for April 15, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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