FX.co ★ Technical Analysis of ETH/USD for November 3, 2021

Crypto Industry News:

Over the past three years, leading US-based banks and financial institutions have filled over 1,000 cryptocurrency expert positions.

Financial institutions offer significant bonuses to attract crypto talent, and consultants estimate that for crypto positions, salaries are 20% to 30% higher than for comparable non-digital currency positions.

The company added that many of the senior crypto positions can boast a salary increase of up to 50% compared to comparable positions.

Research firm Revelio Labs analyzed 287 cryptocurrency jobs from Goldman Sachs, Wells Fargo, Fidelity and JPMorgan Chase - the four largest employers employing digital talent on the LinkedIn professional social network. Revelio concluded that cryptocurrency professionals enjoy an average of 9% salary increases over their banking associates.

In October, LinkedIn reported that site-wide job vacancies for Cryptocurrency and Blockchain-related jobs had risen 615% from August 2020.

Technical Market Outlook

The ETH/USD pair has made a new ATH at the level of $4,643 as the bulls has recently manage to break out of the descending channel. The next target for bulls is 100% Fibonacci extension seen at the level of $4,717. The nearest technical support is seen at the level of $4,459 and the key short-term technical support is currently located at the level of $4,146. The larger time frame trend remains up and the outlook for the rest of the trading week is bullish.

Weekly Pivot Points:

WR3 - $5,137

WR2 - $4,787

WR1 - $4,556

Weekly Pivot - $4,216

WS1 - $3,997

WS2 - $3,650

WS3 - $3,426

Trading Outlook:

The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close 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. The level of $3,677 is the key mid-term technical support for bulls.