FX.co ★ Technical Analysis of ETH/USD for July 28, 2021

Crypto Industry News:

According to the information released to the media, the government of Kazakhstan has approved that authorized banks can provide interested clients with exposure to bitcoin and other cryptocurrencies.

The information is to come from people associated with the Center Industry and Blockchain Association of Kazakhstan. However, it is not known which banks have been approved to handle cryptocurrency transactions. Cryptocurrency exchanges that are interested in cooperation with financial institutions can apply to the Astana International Financial Center in Kazakhstan.

Extending the banks' offer to include cryptocurrencies will be a pilot. It has been announced that the tests will last for twelve months. As a result, local cryptocurrency companies will be able to legally operate and offer clients access to cryptocurrencies. Another important goal of the project is to collect data, thanks to which the government in Kazakhstan will be able to assess the risks associated with investing in cryptocurrencies.

Technical Market Outlook:

The ETH/USD pair has made this month's high at the level of $2,435, but the bears were active at this level and pushed the price back under the short-term trend line resistance seen around the level of $2,370. The lower low was made at the level of $2,335 and it looks like a Pin Bar candlestick formation. The pair is now back inside the channel, but if the momentum will keep going up, then the next target for bulls is seen at the level of $2,453. The key short-term support is seen at the level of $2,201 and $2,106.

Weekly Pivot Points:

WR3 - $2,880

WR2 - $2,525

WR1 - $2,386

Weekly Pivot - $2,056

WS1 - $1,1912

WS2 - $1,571

WS3 - $1,423

Trading Recommendations:

Ethereum might have started the next wave up as the next long-term target for bulls is seen at the level of $3,000. Nevertheless, in order to resume the long-term up trend, bulls have to break through the last swing high seen at the level of $2,880. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key support for bulls.