FX.co ★ Technical Analysis of ETH/USD for August 31, 2021

Crypto Industry News:

The government agency MAS selected 15 participants in the Global CBDC Challenge to help create the central bank's internal digital currency.

As announced by MAS, these institutions include six Singapore companies, four from the United States, and one each from Australia, Barbados, Germany, France and Switzerland, of which only three will be selected to implement CBDC in Singapore.

Shortly after Singapore's central bank announced cash prizes for digital currency ideas on June 28, more than 300 fintech companies from over 50 countries participated in the challenge.

Among the finalists are, among others ANZ Banking Group Limited (Australia), Bitt (Barbados), Giesecke + Devrient Advance52 GmbH (Germany), Criteo (France) and Soramitsu (Switzerland).

Locally selected Singaporean consortia include Citibank NA, HSBC Bank Limited and HSBC Holdings plc, IDEMIA, IOG Singapore Pte Ltd., Standard Chartered Bank and Xfers Pte. NS.

US-based companies include cLabs Inc., Consensys, Extolabs LLC, and IBM.

The Retail CBDC Singapore Initiative will be complemented by a cash prize of $ 50,000 Singapore ($ 37,000). As previously announced, the 15 finalists will be supported by MAS and "will have access to the APIX digital currency sandbox for rapid prototyping of digital currency solutions."

Technical Market Outlook

The ETH/USD pair has been trading close to the mont's high seen at the level of $3,385. The momentum remains neutral as long as the market consolidates in a narrow range. The nearest technical resistance is seen at the levels of $3,274 and $3,337. The key short-term technical support is seen at $3,122 and $3052 (last week lows). On the higher time frame chart than H4, the bulls are having problems with the level of $3,354, which is the 61% Fibonacci retracement of the whole move down.

Weekly Pivot Points:

WR3 - $3,712

WR2 - $3,560

WR1 - $3,379

Weekly Pivot - $3,218

WS1 - $3,063

WS2 - $2,891

WS3 - $2,721

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.