FX.co ★ Technical Analysis of ETH/USD for March 16, 2021

Crypto Industry News:

It does not look like Elon Musk's romance with cryptocurrencies will end. An application has been filed with the US Securities and Exchange Commission announcing the adoption of new official titles for him and another Tesla director.

From Monday, Elon Musk will be officially called "Technoking of Tesla" and the company's chief financial officer, Zack Kirkhorn, will be officially called "Master of Coin". An 8-K form filed with the SEC states:

"As of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively," we read.

The application also states that Musk and Kirkhorn will retain their current positions as CEO and Chief Financial Officer.

Without a hint of the accompanying tweet that Tesla's CEO is famous for, viewers can only speculate as to why Musk and Kirkhorn have adopted the new titles.

In early February, Bitcoin's spot price rose by $ 3,000 in minutes when news of Tesla's $ 1.5 billion acquisition of BTC surfaced, taking the coin price to a new all-time high.

After Bitcoin's value - and Tesla's shares - fell sharply - the title of "world's richest man" was briefly lost to Elon Musk. However, neither Bitcoin nor Tesla spent much of their time stagnating as the revival of the coin's price quickly brought substantial profits to Musk and the company.

Technical Market Outlook:

The ETH/USD pair should continue the wave up towards the $2,000 level first and then towards the recent swing high seen at $2,035. The market keeps moving inside of the trading channel, but in order to do so, the technical support at the level of $1,725 should not be violated. Please keep an eye on the RSI indicator as it is pointing down already, so any breakout below the fifty level will accelerate the pull-back towards the channel lower boundary line.

Weekly Pivot Points:

WR3 - $2,266

WR2 - $2,113

WR1 - $1,975

Weekly Pivot - $1,820

WS1 - $1,716

WS2 - $1,552

WS3 - $1,423

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.