20.04.202108:33 Forex Analysis & Reviews: Technical Analysis of ETH/USD for April 20, 2021

Crypto Industry News:

The last one to join the "Dogecoin fashion" is a manufacturer of chocolate snacks from the well-known Snickers and Milky Way brands. Both brands are owned by the confectionery giant Mars Inc.

According to data from Google Trends, the number of searches for "Dogeday" has increased significantly and the hashtag is gaining popularity on the social media platform. Social commitment for Dogecoin is currently 931% with social dominance above 536%. The sentiment Dogecoin is now enjoying is beyond all expectations, given that Elon Musk didn't tweet anything about Dogecoin last week.

What sets DOGE apart from other alcoins is that 61% of DOGE HODLers hold this coin for over a year. This is probably not the case with most of the other top altcoins that offer two- and three-digit profits. Most alternative cryptocurrencies have a high, short-term ROI. It's quite interesting that the reverse is true for DOGE.

The most interesting thing is that DOGECOIN is currently not correlated with bitcoin. Still, as bitcoin grows in popularity, DOGE grows with it, alongside the best altcoins.

Technical Market Outlook:

The ETH/USD pair has retraced more then 50% of the last wave down and made a local high at the level of $2,274 during the bounce. This level has been used to test the short-term lower channel line for a test and the higher prices were rejected as the Pin Bar candlestick had been made. The market reversed towards the technical support located at the level of $2,098 and is trading around this level currently. Any violation of this level would lead to another wave down towards the recent low located at the level of $1,941 or below.

Weekly Pivot Points:

WR3 - $3,314

WR2 - $2,2828

WR1 - $2,524

Weekly Pivot - $2,211

WS1 - $1,914

WS2 - $1,617

WS3 - $1,300

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 $2,000, so only a weekly candle close below this level will invalidate the bullish scenario.

Exchange Rates 20.04.2021 analysis

*Analiza de piață publicată aici este menită să vă sporească conștientizarea, nu pentru a oferi instrucțiuni pentru a efectua un schimb.

Sebastian Seliga,
Expert Specializat
Grup InstaForex © 2007-2021
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