ETH/USD Analysis – October 08, 2021

Upward Channel Support ahead of Nonfarm Payroll

The ETH/USD was closed at $3,586.00 after placing a high of $3,650.18 and a low of $3,473.47. The ETH/USD continued its decline and dropped to its lowest since the mid of July 2020 amid the increased demand for the U.S. dollar and reduced risk appetite in the market. The price of Ethereum (ETH/USD) is largely stable as investors await the latest American nonfarm payroll data, which is ready to be released on Friday. Ether is currently trading at $3,574, significantly down from this week's high of $3,653.

Ethereum is a blockchain project that has developed to become one of the industry's most useful. The ecosystem enables developers to create various applications, including non-fungible tokens (NFT), decentralized finance (DeFi), and games. On Ethereum's network, some well-known cryptocurrencies, such as Shiba Inu, are constructed.

The price of Ethereum has grown in recent weeks as interest in cryptocurrencies has returned. It has surged by more than 35% since its low point this week. Because of this bounce, its entire market valuation has risen to more than $420 billion, making it the second-largest cryptocurrency.

Ethereum has recently gained significantly for a variety of reasons. First and foremost, the price motion is consistent with what Bitcoin has done. BTC, the world's largest cryptocurrency, has risen to more than $54,000 after Soros Fund Management revealed a position.

Second, the price of ETH has surged because of increased network activity. The entire wealth held in Ethereum's Defi ecosystem has risen to well then $142 billion in recent days. This is a significant figure, given that the industry was non-existent only a few years ago.

Finally, the price increased when it became clear that more institutions were purchasing the currency. For example, US Bancorp said this week that it would begin offering custody services to institutional clients. It joins other large corporations like Fidelity in providing these services.

The employment figures will influence today's Ethereum price in the United States. These figures are significant because they have an impact on the Fed's decision. As a result, good figures could imply that the Fed would retain its aggressive approach.

ETH/USD Intraday Technical Levels

Support Resistance

3510 3682

3403 3745

3339 3853

Pivot Point: 3574

ETH/USD - Technical Outlook

On Friday, the ETH/USD pair is trading with a strong bullish bias at 3,638 level and it’s gaining immediate support at 3,574 level. Such support is extended by an intraday pivot point level. A break below this level exposes the pair to the 3,510 and 3,403 levels. On the higher side, the breakout of the 3,682 level exposes the ETH/USD pair towards 3,745 and 3,853.

The ETH/USD pair is currently closing "Three White Soldiers". That suggests strong upward movement in the market. Alongside, the RSI and Stochastic are also holding in a buying zone (above 50), supporting a strong bullish bias in the ETH/USD.

Investors will be keeping their eyes on US Nonfarm Payroll data during the US session. Moreover, the bullish bias dominates over the 3574 level and vice versa. All the best!