27.07.202109:28 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 27, 2021

Crypto Industry News:

Although by the end of the year it was still over five months, it is already known now that 2021 will be a special year for crypto ATM units. In the period from January to July there were over 10,000 new ATMs. As a result, the total number of devices available in the world increased by as much as 70%.

Bitcoin ATM's are installed around the world, but the greatest interest in this solution can be observed in the United States. According to data collected by Coin ATM Radar, the units are currently available in 75 countries. It may seem that this type of device will be produced only by one or two companies, which has been able to gain the leading position over the years. However, crypto ATM units are currently produced for dozens of different companies, which sometimes can be confusing for users. According to Coin ATM Radar, devices located around the world were manufactured by 42 different companies.

Nevertheless, it can not be denied that one of them is definitely ahead of the competition: the most devices produced Genesis Coin, to which almost 41% of the market belongs. In second place there is General Bytes, which is below 25%. However, if it is about the largest operator, this title belongs to Bitcoin Depot. Not only Partnership with a popular network has been announced only recently, but the company did not waste time and managed to install over 700 new devices.

Technical Market Outlook:

The ETH/USD pair has made this month's high at the level of $2,435, but the bears were active at this level and pushed the price back under the short-term trend line resistance seen around the level of $2,370. The pair is now back inside the channel, but if the momentum will keep going up, then the next target for bulls is seen at the level of $2,453. The key short-term support is seen at the level of $2,201 and $2,106.

Weekly Pivot Points:

WR3 - $2,880

WR2 - $2,525

WR1 - $2,386

Weekly Pivot - $2,056

WS1 - $1,1912

WS2 - $1,571

WS3 - $1,423

Trading Recommendations:

Ethereum might have started the next wave up as the next long-term target for bulls is seen at the level of $3,000. Nevertheless, in order to resume the long-term up trend, bulls have to break through the last swing high seen at the level of $2,880. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key support for bulls.