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Crypto Industry News:
Ethereum behaves like an express train with many on-demand stops on its route, but no one presses a button. The ETH / USD exchange rate recorded another price record this morning.
At the time of this publication, ETH prices are showing an 11% increase in the last 24 hours, with a 100% rally over 30 days. In the last 361 days, this gives a result exceeding 2215% (according to CoinGecko).
As the price rose, the ETH capitalization, which exceeded $ 500 billion for the first time in history, also had a new milestone.
Currently, ETH is worth more than the financial services giant Visa, which last month began a pilot settlement of USD Coin (USDC) stablecoin transactions on the Ethereum blockchain.
Technical Market Outlook:
The ETH/USD pair has made a new all time high at the level of $4,363, so all the drop after the Bearish Engulfing candlestick pattern was made has been retraced already. The next target for bulls is seen at the level of $4,500 as the up trend continues.The zone between the levels of $4,000 - $3, 980 will now act as a short-term demand zone. The key short-term support is seen at the level of $4,204. The momentum is strong and positive, so it supports the bullish outlook for ETH.
Weekly Pivot Points:
WR3 - $4,545
WR2 - $4,714
WR1 - $4,394
Weekly Pivot - $3,656
WS1 - $3,369
WS2 - $2,577
WS3 - $2,290
Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.
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