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Technical Analysis of ETH/USD for March 8, 2022

Relevance up to 02:00 2022-03-09 UTC–5

Crypto Industry News:

The US cryptocurrency exchange Coinbase blocked the addresses of 25,000 Russian users on suspicion of engaging in illegal activities. The information about the imposition of the blockade appeared today on the official blog of the stock exchange.

The company announced that it is committed to creating a safe and responsible financial system. At the same time, the stock exchange is obliged to comply with sanctions, which play a significant role in deterring unlawful aggression. For this reason, the exchange fully supports the efforts of governments and announces the implementation of a multi-layered sanctions program.

Therefore, at the stage of opening an account, the company will verify whether the person / entity is subject to sanctions. The information provided during registration will be additionally verified by an independent company.

The exchange has also introduced restrictions on people registering on the platform from sanctioned countries. This means that users using IP addresses from places such as North Korea, Syria, Iran and Crimea will not be able to access the company’s services. The stock exchange intends to continue work on identifying accounts associated with prohibited entities, which is to make it difficult for users to circumvent the restrictions.

Technical Market Outlook

The ETH/USD pair had been rejected from the technical resistance seen at $3,000 level and since then the bears are in control of the market. The target for them is located at the swing low seen at $2,302 and currently the bears are testing the technical support located at $2,503. The momentum is weak and negative, so even despite the extremely oversold market conditions on the H4 time frame the down move might continue for some time. The immediate technical resistance is seen at the level of $2,568. Only a clear and sustained breakout above the trend line resistance located around $3,024 level would change the outlook to bullish in the near time.

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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