FX.co ★ Technical Analysis of ETH/USD for December 23, 2021

Crypto Industry News:

Athletes and politicians made headlines because they opted for cryptocurrency salaries earlier this year. Now, in an attempt to attract a younger workforce, companies are starting to offer crypto salaries.

A recent news article highlighted two different cases where young talents are paid for in cryptocurrencies. Student Stephen Gerrits and artist Tiyanna Brown have decided to receive a salary in crypto. Gerrits works part-time in a tech startup, while Brown sells digital art in exchange for Ether.

According to Gerrits, he has made more than he would have made in cash due to changes in cryptocurrency prices. However, it's not always so rosy. He said he is happy when prices go up, but the fun stops when prices go down.

Meanwhile, 29-year-old Brown sells on Rarible, a platform that allows you to receive ETH as payment for digital art. Brown is optimistic that this will provide better results in the long run.

In 2021 alone, many reports showed that athletes are making money from cryptocurrencies. In August, soccer star Lionel Messi received fan tokens for his deal with Paris Saint-Germain. In November, players of the National Football League Odell Beckham Jr. and Aaron Rodgers chose to accept crypto payments. The former said he would take the full NFL salary in Bitcoin, while the latter would receive "only" a portion of his salary in BTC.

In addition, three politicians from the United States declared that they would accept their salaries in BTC. They are Miami Mayor Francis Suarez, New York Mayor-elect Eric Adams and Tampa Mayor Jane Castor.

In November, LinkedIn reported that cryptocurrency-related jobs had risen 600% since August 2020. In addition, major financial companies were also offering sizable bonuses to attract more crypto talent.

Technical Market Outlook

The ETH/USD pair had broken above the key short-term trend line resistance located at the level of $4,000, but after the level of $4,055 was hit the market reversed back under the trend line. The momentum is positive and strong, so the next target for bulls is technical resistance located at the level of $4,121. On the other hand, if the bearish pressure will intensify, then the price might test the $3,750 again. The larger time from trend, like daily or weekly remains up and there is no sign of trend termination or reversal. The game changing level is the technical resistance located at $4,224.

Weekly Pivot Points:

WR3 - $4,968

WR2 - $4,711

WR1 - $4,167

Weekly Pivot - $3,888

WS1 - $3,641

WS2 - $3,370

WS3 - $3,122

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.