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

Crypto Industry News:

On Tuesday, Google released its traditional, annual list of the most popular searches for the year, breaking them down into several categories including news, people, games, movies, and more. The major cryptocurrencies Ether and Dogecoin were included in the list of the most searched terms in the world in 2021 on Google

According to Google Trends 'Year in Search 2021', Dogecoin was the fourth most popular search term for news on Google in 2021, both globally and in the United States. The news related to the query "Ethereum Price" was in 10th place.

Cryptocurrencies are on the list of the most searched news, among topics such as Afghanistan, AMC stocks, COVID-19 vaccine, GME stocks, stimulus control and more. In 2020, not a single cryptocurrency appeared on the list.

It's worth noting that Bitcoin, the most valued cryptocurrency on the market, is not included in any of the 'Search Years 2021' category.

Technical Market Outlook

The ETH/USD pair bounce had been capped at the level of $4,435 after a Pin Bar candlestick pattern was made at the H4 time frame chart. The market reversed and is currently moving towards the technical support located at $4,257. Despite the recent complex and time consuming corrective decline in form of ABCxABC pattern, the larger time frame trend remains up. The H4 time frame RSI indicator is showing an increase in momentum above the neutral level of fifty, which supports the short-term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $6,154

WR2 - $5,472

WR1 - $4,817

Weekly Pivot - $4,100

WS1 - $3,475

WS2 - $2,785

WS3 - $2,131

Trading Outlook:

The ABCxABC complex corrective cycle might be terminated, so 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.