Forex Analysis & Reviews: 17.03.2023 - Technical Analysis of...

17.03.2023 09:01 AM

Technical Analysis of ETH/USD for March 17, 2023

Crypto Industry News:

The main Ethereum blockchain network will undergo a long-awaited hard fork called Shanghai in April. The key to this update is to allow validators and investors to withdraw their staked tokens from the Beacon Chain. Coinbase is already preparing for the potential aftermath of this event. As a result, customers of the platform have been warned that processing their requests for the release of locked ethers may take longer than expected.

The American company expects a massive number of requests to end the staking option for given addresses. Additional concerns are raised by the release of staked ethers (ETH) locked in a pool. This, in turn, will extend the processing time of each request. Coinbase therefore urges people who plan to receive their hard forked cryptocurrencies back immediately to be patient.

As it was written in the published announcement, the exchange is not directly responsible for the process taking place on the Ethereum blockchain. Because of this, some people will have to wait weeks or even months to see their ETH back in their wallet.

Technical Market Outlook:

The ETH/USD pair has made a three wave corrective cycle towards the level of $1,615, reversed and is currently approaching the last swing high. The bulls need to break above the swing high located at the level of $1,783 in order to continue the rally towards $2,000. The intraday technical support is seen at the level of $1,615. The bulls might use the help of 50 MA seen at $1,619 and 100 MA seen at $1,644 as well as the level of $1,664. The positive momentum on the daily time frame chart supports the short-term bullish bias for ETH.

Weekly Pivot Points:

WR3 - $1,709

WR2 - $1,656

WR1 - $1,629

Weekly Pivot - $1,603

WS1 - $1,575

WS2 - $1,550

WS3 - $1,497

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.

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