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

Crypto Industry News:

According to Scamwatch data, investment fraud in Australia cost investors over $ 50.5 million in the first six months of 2021, and crypto fraud contributed more than 50% of losses.

As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch figures show a 53.4% increase in reports of investment fraud, with a value of more than $ 101 million by the end of this year.

Based on 4,763 reports received in 2021 alone, ACCC vice president Delia Rickard concluded that 2,240 complaints were related to cryptocurrency fraud and were mainly attributed to Bitcoin.

Rickard said scammers lure investors into using fake trading platforms with celebrity endorsements that promise high profitability. Trading platforms initially allow investors to withdraw some of their profits using the assets of other victims to ultimately stop careless investors from withdrawing their investments: "If something sounds too good to be true, it probably is" - she added.

Bitcoin investment fraud in Australia has already surpassed $ 18.5 million, a sharp increase of 44% compared to total losses of nearly $ 12.8 million in 2020.

Technical Market Outlook:

The ETH/USD pair has broken below the technical support seen at the level of $3,122 and made a new local low at the level of $3,059 (at the time of writing the article). The immediate technical support is located at the level of $2,977, so the bears have a room to push the prices lower, especially the momentum is weak and negative already.

Weekly Pivot Points:

WR3 - $3,720

WR2 - $3,519

WR1 - $3,345

Weekly Pivot - $3,142

WS1 - $2,951

WS2 - $2,757

WS3 - $2,565

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,550. 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.