16.06.202109:28 Forex Analysis & Reviews: Technical Analysis of ETH/USD for June 16, 2021

Crypto Industry News:

The American media reported that the investment bank plans to start offering ETH options and futures in the next few months. Matthew McDermott, head of Goldman Sachs digital assets, detailed the bank's plans in an interview.

The interest in ethereum is another sign of increasing the dimension of Goldman's presence in the cryptocurrency space. Just last month, representatives of the institution announced that it would reopen its cryptocurrency trading floor. Currently, bitcoin has become a part of the bank's investment offer.

Goldman Sachs also published a report entitled "Crypto: A New Asset Class?" implying that he believes cryptocurrencies have a bright future. The article argued that Ethereum could become the number one network in the future, and one researcher stated that the application-supporting platform "has the potential to become a large market for trusted information providers."

Technical Market Outlook:

The ETH/USD pair has been rejected from the level of $2,639, which is located just above the 61% Fibonacci retracement. The market pulled-back towards the lower channel line and is currently trying to bounce back up. The next target for bulls is the short-term trend line resistance around the level of $2,741. The local technical support is seen at the level of $2,453.

Weekly Pivot Points:

WR3 - $3,393

WR2 - $3,098

WR1 - $2,806

Weekly Pivot - $2,528

WS1 - $2,226

WS2 - $1,922

WS3 - $1,648

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.