FX.co ★ Technical Analysis of ETH/USD for September 17, 2021

Crypto Industry news:

AMC Entertainment will not only accept Bitcoin payments for movie tickets by the end of 2022, but will also include other popular digital currencies in its crypto acceptance policy.

Tweeting on Thursday, company president Adam Aron announced plans for AMC to adopt three other cryptocurrencies, including Ether, Litecoin and Bitcoin Cash (BCH).

As previously reported in the media, AMC initially revealed plans to accept Bitcoin payments for movie tickets before the end of the year.

At the time, Aron said moviegoers were keen to use crypto as a means of payment for tickets and concessions at AMC locations in the United States.

The head of AMC also said the company is working to finalize the necessary procedures required to accept crypto payments.

As with the August announcement, Aron's tweet revealing plans for an expanded cryptocurrency acceptance program also received considerable criticism from Dogecoin supporters for not including the popular "meme coin."

AMC's acceptance of cryptocurrencies is part of a trend where well-known retail establishments support cryptocurrency payments throughout the United States.

Technical Market Outlook

The ETH/USD pair has broken above the supply zone located between the levels of $3,552 - $3,596 and made a new local high at the level of $3,675. The market pulled-back then slightly towards the level of $3,489. The supply zone will now act as a technical support for the price, together with the level of $3,489. The bulls are in control of the price and the next target for bulls is seen at the level of $3,706 and $3,880. The positive and strong momentum supports the short-term bullish outlook despite the overbought market conditions.

Weekly Pivot Points:

WR3 - $4,704

WR2 - $4,312

WR1 - $3,783

Weekly Pivot - $3,411

WS1 - $2,806

WS2 - $2,445

WS3 - $1,829

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 $2,906. 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.