Crypto Industry News:
The number of respondents who said they would be more likely to invest their money in cryptocurrencies than traditional stocks has increased - in just five months - by 140%.
A new study by CivicScience found that an increasing number of investors are selling their shares to buy more cryptocurrencies.
US citizens over the age of 18 were interviewed in the survey. The survey was processed in batches over various periods of the current year, and the results were weighted with data from the US census. Each question was answered by 1,000 to 40,600 respondents.
Out of 3,700 respondents polled, the number of those who said they were more likely to invest their money in cryptocurrencies than in traditional stocks increased 140% in just five months.
Technical Market Outlook
The ETH/USD pair bounce had been capped at the level of $4,435 after a Pin Bar candlestick pattern was made at the H4 time frame chart. The market reversed and is currently moving towards the technical support located at $4,055. If this level is broken, then the next technical support is seen at $3,954 and $3,913. Despite the recent complex and time consuming corrective decline in form of ABCxABC pattern, the larger time frame trend remains up. The H4 time frame RSI indicator is showing an increase in momentum above the neutral level of fifty, which supports the short-term bullish outlook for ETH.
Weekly Pivot Points:
WR3 - $6,154
WR2 - $5,472
WR1 - $4,817
Weekly Pivot - $4,100
WS1 - $3,475
WS2 - $2,785
WS3 - $2,131
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.