FX.co ★ Technical Analysis of ETH/USD for June 15, 2021

Crypto Industry News:

MicroStrategy announced yesterday that it would use $ 488 million in private sales revenues to purchase bitcoin. On the same day, it also announced that it could sell its $ 1 billion shares to the same end.

In Monday's S-3 filing with the US Securities and Exchange Commission, MicroStrategy announced that it intends to launch a securities offering that will allow it to sell up to $ 1 billion of its class A common stock over time. It intends to use the offers "for general corporate purposes, including the acquisition of bitcoin."

MicroStrategy announced yesterday that it would use $ 488 million in private sales revenues to purchase bitcoin. On the same day, it also announced that it could sell its $ 1 billion shares to the same end.

In Monday's S-3 filing with the US Securities and Exchange Commission, MicroStrategy announced that it intends to launch a securities offering that will allow it to sell up to $ 1 billion of its class A common stock over time. it intends to use the offers "for general corporate purposes, including the acquisition of bitcoin."

Technical Market Outlook:

The ETH/USD pair has been seen approaching the level of $2,639 after a new marginal lower low was made at the level of $2,256. The move up looks strong as the momentum is now above the level of fifty. The next target for bulls is seen at the level of $2,861. The nearest technical support is seen at the level of $2,550 and $2,452.

Weekly Pivot Points:

WR3 - $3,393

WR2 - $3,098

WR1 - $2,806

Weekly Pivot - $2,528

WS1 - $2,226

WS2 - $1,922

WS3 - $1,648

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.