FX.co ★ Technical Analysis of ETH/USD for April 2, 2021

Crypto Industry News:

DOGE surged over 18% after Elon Musk tweeted about alleged intentions to take cryptocurrency to the moon.

Musk's tweet seems to be an obvious analogy to the slogan "To the Moon" popular among the cryptocurrency community. It is used to describe an asset in a strong uptrend that never seems to stop growing - going up the chart as if towards the aforementioned Moon. Every member of the cryptocurrency community hopes that the prices of digital assets he keeps in his wallet will someday go there. But Musk has gone one step ahead: he wants to put the real Dogecoin on a real moon, 384,400 km from Earth.

"SpaceX will literally put Dogecoin on the literal moon," Musk said in a tweet. SpaceX is one of Musk's companies in the field of rocket building and space exploration. Technically, such an undertaking would be perfectly feasible.

Technical Market Outlook:

The ETH/USD pair has hit a new all time high at the level of $2.008 (at the time of writing the article). The market is out of the main channel, so the up move can accelerate. The immediate technical support is seen at the level of $1,963 and $1,941.The strong and positive momentum supports the short-term bullish outlook for ETH with a longer-term target at $2,035.

Weekly Pivot Points:

WR3 - $2,053

WR2 - $1,922

WR1 - $1,793

Weekly Pivot - $1,670

WS1 - $1,525

WS2 - $1,400

WS3 - $1,267

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.