Technical Analysis

ETH/USD Analysis – October 15, 2021

By LonghornFX Technical Analysis
Oct 15, 20213 min

Pivot Point Underpins at 3,712

The ETH/USD ended the day at $3790.18, having reached a high of $3819.81 and a low of $3588.20.On Thursday, ETH/USD extended its gains for the second day in a row, approaching the $4000 level. Many positive developments have surrounded the second-largest cryptocurrency by market cap. A report from Crypto Compare revealed that institutional investors were favouring Ethereum over Bitcoin for the first time.

The Grayscale’s Ethereum Trust (ETHE) recorded more trades in September 2021 than the Grayscale’s Bitcoin Trust (GBTC). The report suggested that ETHE had a 29% increase in trading volume in September as compared to August. Grayscale’s Ethereum Trust currently has $10.9 billion in assets under management.

The CEO of Grayscale Investments said that bitcoin was inherently built to be a digital form of money, whereas Ethereum was not only a token of payment but it was also a DeFi platform that allowed users to create and run dapps and smart contracts.

Furthermore, billionaire Mark Cuban has revealed that Ethereum was a better option for a true cryptocurrency according to his beliefs. He recommended choosing Ethereum as a digital asset for investing in cryptocurrency as he believes that ETH has the most upside potential. However, for newcomers, he recommended dogecoin.

According to Cuban, Ethereum might be the closest thing to a real currency, but Dogecoin takes the lead as a preferable method of payment. He revealed that his crypto portfolio consists mainly of Ethereum, and this added to the gains of ETH/USD on Thursday.

ETH/USD Intraday Technical Levels

Support Resistance

3645.65 3877.26

3501.12 3964.34

3414.04 4108.87

Pivot Point: 3732.73

ETH/USD - Technical Outlook

On Friday, the ETH/USD currency pair was trading at the 3,818 level and it was gaining immediate support at the 3,800 level. On the hourly chart, the ETH/USD has formed an upward channel that’s supporting the bullish trend.

At the moment, the ETH/USD closing Doji and Shoorting start candles on the hourly timeframe that’s supporting indecision among investors. Therefore, the chances of a selling trend or a bearish correction remain strong below 3,860 resistance.

The breakout above the 3,860 resistance level exposes the ETH/USD towards the 3,966 level, and the continuation of the further upward trendline exposes the pair towards the 4,108 level. On the downside, the breakout of the 3,800 support level exposes the ETH/USD towards the next support areas of 3,712 and 3,606.

The RSI and MACD are in support of a bullish trend in ETH/USD. Therefore, the bullish bias dominates above the 3,712 level and vice versa. All the best!


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