09.04.202109:47 Forex Analysis & Reviews: Technical Analysis of ETH/USD for April 9, 2021

Crypto Industry News:

The US financial and banking services organization State Street Corporation will enable cryptocurrency trading.

Soon after the oldest US-based bank entered the cryptocurrency space, so did the second-oldest - State Street Corporation. The banking giant with assets under management of $ 3 trillion will enable London-based Puremarkets to use the Currenex platform to trade digital assets.

According to today's statement, the London-based company has established cooperation with the American banking giant - State Street Corporation, founded in 1792.

With this collaboration, Pure Digital will use the State Street banking grade trading platform called Currenex to enable cryptocurrency trading. The process will be fully automated with a high-throughput OTC market for digital assets with physical delivery and maintenance by the bank.

Institutional clients will be able to take advantage of the bilateral loan, enabling the effective use of capital and control for all participants.

Technical Market Outlook:

The ETH/USD pair has been continuing the up move since the low was made at the level of $1,941, so there is a chance for a sustained bounce back up above $2,100. So far the local high was made at the level of $2,077, but bulls are still making pressure to bounce higher towards the ATH located at the level of $2,149. The nearest technical support is seen at the levels of $2,043 and $2,033.

Weekly Pivot Points:

WR3 - $2,774

WR2 - $2,442

WR1 - $2,286

Weekly Pivot - $1,965

WS1 - $1,803

WS2 - $1,504

WS3 - $1,345

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 $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.