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
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.
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade