08.02.202109:43 Forex Analysis & Reviews: Technical Analysis of ETH/USD for February 8, 2021

Crypto Industry News:

PayPal CEO Daniel Schulman said the existing financial system is outdated and that his company will be investing a lot of money in blockchain and digital currencies. Schulman explained:

"We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days. A future where transactions should be cheaper to execute and a future that enables all people, not just affluent, being part of the digital economy. We are investing heavily in our new cryptocurrency, blockchain and digital currency business unit to help shape this more open future. "

The new cryptocurrency business unit is expected to be launched later this quarter. The CEO also revealed that customers will be able to use cryptocurrencies to pay for goods and services at 29 million PayPal sellers worldwide. This service is expected to go live before the end of this quarter.

Schulman said he hopes to launch its first international exchange in the next few months, and also expects to integrate cryptocurrencies with Venmo later this year. It also found that anyone who signed up for crypto uses their app twice as often as before.

PayPal announced in late October that its more than 300 million users would now be able to buy, store and sell Bitcoin and other digital assets through their PayPal accounts. The decision resulted in a sharp rise in BTC prices at the time.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,745 and $1,755 which were the projected target levels for ETH after the triangle pattern breakout. After those levels were hit, the market reversed quickly towards the technical support located around the level of $1,478 and bounced. Despite the deep pull-back the up trend is being continued and the level of $1,755 might be hit again soon. The momentum is positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.

Weekly Pivot Points:

WR3 - $2,306

WR2 - $2,035

WR1 - $1,838

Weekly Pivot - $1,545

WS1 - $1,349

WS2 - $1,062

WS3 - $860

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.