FX.co ★ Technical Analysis of ETH/USD for April 26, 2021

Crypto Industry News:

Seville is rapidly becoming a cryptocurrency-friendly city in Spain, with two famous local hotels announcing that they will start accepting crypto payments. Hotel Becquer and Hotel Kivir have joined the cryptocurrency adoption trend by allowing customers to book rooms using digital resources.

According to Diario de Sevilla, both hotels have signed a partnership agreement with the national Criptan exchange to make the crypto gateway available to their customers. Becquer is a 134-room hotel situated on the former site of the Marquesas Las Torres, and the 31-room Kivir hotel is located in the old town.

Thanks to the cooperation of both four-star hotels with the stock exchange, Criptan has increased its portfolio of retail stores and even travel companies across Spain, which currently accept cryptocurrencies such as Bitcoin as a means of payment.

Under the agreement, Criptan will process crypto payments, but both hotels will receive 100% of the money in Euros.

Criptan officials told Diario de Sevilla that such integration in hotels such as Becquer and Kivir is in line with the European PSD2 regulation on electronic payment services, which aims to "increase security in Europe, promote innovation and foster the adaptation of banking services to new technology. "

As Seville becomes even more familiar with the cryptocurrency, the media reported in December that the municipality of Seville has launched its own cryptocurrency, aimed at encouraging residents and merchants to trade with it.

Technical Market Outlook:

The ETH/USD pair has reversed from the lows located at the level of $2,201 and is currently trading around the level of $2,500 again. Any violation of this level will lead to another wave up towards the recent high located at the level of $2,639. The immediate technical support is located at $2,377. The momentum remains strong and positive, so the odds for another wave up are high.

Weekly Pivot Points:

WR3 - $3,085

WR2 - $2,863

WR1 - $2,509

Weekly Pivot - $2,289

WS1 - $1,926

WS2 - $1,691

WS3 - $1,326

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 $3,000. The key long term technical support is seen at the level of $2,000, so only a weekly candle close below this level will invalidate the bullish scenario.