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Technical Analysis of ETH/USD for March 10, 2022

Relevance up to 03:00 2022-03-11 UTC–5

Crypto Industry News:

Many people from around the world willingly supported Ukraine with cryptocurrencies, which allowed to avoid intermediaries and gave a guarantee that the money went where it was really needed.

Despite initial concerns that the request for cryptocurrencies had been posted by hackers, it was quickly confirmed that Ukraine was indeed using new technologies to raise money. This allowed the purchase of the necessary military equipment (including bulletproof vests and food rations). So far, nearly $ 15 million has been used out of the more than $ 64 donors have deposited in cryptocurrencies.

Already on March 4, it was reported that during the week it was possible to collect cryptocurrencies worth more than 50 million dollars. Ultimately, it is to be selected min. $ 100M. Collecting such an amount seems more and more real, especially as the total donation has already exceeded $ 64.6 million. The information available so far shows that Ukraine has used more than 1/4 of these funds to rearm the army.

Technical Market Outlook

The ETH/USD pair has bounced from the temporary bottom seen at the level of $2,444 and broke through the technical resistance seen at $2,611. Nevertheless, the bounce was capped at the 50% Fibonacci retracement level seen at $2,744 and then the market reversed due to the intense bearish pressure. Market conditions are now extremely overbought as well, so with the negative momentum on the H4 time frame the down move might be continued towards the technical support seen at $2,503 and $2,444.

Weekly Pivot Points:

WR3 – $3,323

WR2 – $3,179

WR1 – $2,855

Weekly Pivot – $2,718

WS1 – $2,386

WS2 – $2,240

WS3 – $1,190

Trading Outlook:

The market keeps trying to bounce higher after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,192 is the next key Fibonacci retracement for bulls, but the bulls had failed to break through three times already. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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