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26.01.202110:12 Forex Analysis & Reviews: Technical Analysis of ETH/USD for January 26, 2021

Crypto Industry News:

The Ethereum-based game Age of Rust will be released on Steam in March. Players will have the chance to get cryptocurrencies worth nearly $ 1,000,000.

After years of development work, Age of Rust is to debut on Steam in March this year. Due to the rising prices of cryptocurrencies, the prizes hidden in the game are now worth almost $ 1 million.

SpacePirate Games has revealed that the game contains 24 bitcoins and 370,000 Enjin coins, worth a total of $ 929,000 today.

Age of Rust is a science fiction action game in which we will be able to explore a huge digital universe with a total area of 250,000 km2. The main theme of the game is the fight between humanity and the AI robot class.

The game uses the Enjin protocol and runs on Ethereum. It has been in development since 2014 and aims to be something of a "engaging, educational experience based on blockchain technology." SpacePirate Games caught the attention of the community when they released the popular puzzle game - Crypto Puzzle. That same year, they began work on Age of Rust.

The developers donated a pool of 24 bitcoins for prizes hidden in the game. Today they are worth $ 794,400. "We had no idea it would become such a huge prize so soon," said Chris LoVerme of SpacePirate Games.

The prize pool also includes 370,000 Enjin coins that experienced a parabolic rally this year. Since the beginning of January, their value has increased by over 200%.

Technical Market Outlook:

The ETH/USD pair rally had been capped at the level of $1,438. After 16h consolidation in a narrow zone, the bears have managed to break to the downside and made a test of the key short-term technical support at the level of $1,294. If this level is violated, then the next target for bears is seen at the level of $1,233. The momentum is pointing down around the neutral level, so the sentiment might be flipping to negative in the short-term. The higher time frame trend remains up.

Weekly Pivot Points:

WR3 - $1,927

WR2 - $1,665

WR1 - $1,545

Weekly Pivot - $1,286

WS1 - $1,156

WS2 - $897

WS3 - $767

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, 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 26.01.2021 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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