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13.01.202109:14 Forex Analysis & Reviews: Technical Analysis of ETH/USD for January 13, 2021

Crypto Industry News:

According to the CEO of Bakkt, one of the largest cryptocurrency companies in the United States will not support XRP as part of further product development.

On January 11, Bakkt CEO Gavin Michael spoke on the Axios Re: Cap podcast to discuss the widespread adoption of Bitcoin and other digital assets. Michael said Bakkt plans to introduce multi-altcoin support on its platform in the future, but XRP is not one of them. Michael declined to comment on whether the company decided to stay away from XRP due to Ripple's legal problems caused by a US Securities and Exchange Commission lawsuit.

"Just not on our platform. We entered the cryptocurrency space via Bitcoin and it was our first currency available."

Michael's comments on XRP followed the official announcement of the Bakkt plans. On January 11, Intercontinental Exchange, operator of the New York Stock Exchange and owner of Bakkt, announced a merger with VPC Impact Acquisition Holdings to allow Bakkt to enter the stock exchange.

Meanwhile, Ripple is battling a $ 1.3 billion SEC lawsuit against the firm in late December. On January 8, Ripple CEO Brad Garlinghouse flatly denied "unproven SEC allegations" and said his company was "on the right side of facts and history."

Amidst Ripple's legal problems, many crypto companies have decided to phase out XRP. On January 6, the crypto wallet provider and trading platform Blockchain.com announced it was removing XRP following the steps of Coinbase, Binance.US, OKCoin, and more. However, some companies like Uphold preferred to keep XRP on their platforms pending the SEC settlement.

Technical Market Outlook:

The ETH/USD pair has been seen trading below the level of $1,135, which is a 50% Fibonacci retracement level of the last wave down as the corrective bounce higher has been capped. The next target for bulls is seen at the level of $1,185, where the 61% Fibonacci retracement is located. Nevertheless, to resume the up trend, the bulls have to break through the short-term trend line resistance around the level of $1,200. The momentum remains neutral. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $1,598

WR2 - $1,630

WR1 - $1,500

Weekly Pivot - 1,188

WS1 - $1,038

WS2 - $720

WS3 - $563

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,420, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

Exchange Rates 13.01.2021 analysis

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

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2021
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