FX.co ★ Technical Analysis of ETH/USD for August 9, 2021

Crypto Industry News:

Singapore's monetary authority (MAS) has notified several digital payment service providers that they will be licensed to operate in the city-state. This move that came after the crypto exchange was licensed secures Singapore's status as an Asian crypto hub, industry observers say.

Singapore's central banking authority has informed digital payment service providers that it will license them to operate within its jurisdiction. MAS told "a few" of the 170 applicants that it was "prepared to license them for payment services" as long as measures are in place to meet the necessary requirements, the regulator confirmed in the South China Morning Post. So far, two applications have been rejected and 30 have been withdrawn due to non-compliance with anti-money laundering standards.

The news comes after the Australian cryptocurrency exchange Independent Reserve announced earlier this week that it had received "substantial approval" from Singapore's monetary authorities to be licensed by a regulated digital payment token service provider. The trading platform noted in a statement that it is one of the first VACs to obtain such approval in the city.

Technical Market Outlook:

The ETH/USD pair has made a new higher high at the level of $3,185 after the successful implementation of London Hard Fork over the weekend. The next target for bulls is seen at the level of $3,498 and $3,552. The immediate technical support is seen at the level of $2,914 and $2,861. Strong and positive momentum supports the short-term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $4,076

WR2 - $3,643

WR1 - $3,334

Weekly Pivot - $2,889

WS1 - $2,597

WS2 - $2,147

WS3 - $1,835

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,000. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. 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.