FX.co ★ Technical Analysis of ETH/USD for March 1, 2022

Crypto Industry News:

eBay may soon integrate crypto payments, CEO Jamie Iannone said in a recent interview.

The online marketplace is one of the oldest e-commerce platforms that now wants to become a go-to platform for Generation Z and millennials. The CEO said in an interview with The Street that the company has been looking to integrate cryptocurrency payment options for a long time, and an official announcement may appear during the investor's upcoming day, March 10.

During an interview, Iannone revealed that the e-commerce giant wants to switch to new payment modes as it already directly manages a volume of $ 85 billion on its platform.

Speaking of eBay's position on emerging technologies such as blockchain and cryptocurrencies, Iannone highlighted the growing popularity of HFTs trading on their platform without making any official statement on the matter.

Iannone said the company changed its policy last year to make the e-commerce platform a place to buy and sell anything, whether physical or digital.

The rise in popularity and demand for cryptocurrencies has led several online platforms to add crypto payment options. eBay, with its focus on Gen Z customer acquisition, intends to do the same. However, this won't be the company's first attempt at crypto payments. eBay first tried to integrate BTC payments in 2014.

eBay last year researched the integration of Bitcoin payments as well as NFT trading. The crypto payment integration plan seems to be almost finalized as crypto has become mainstream and more acceptable to the masses.

Technical Market Outlook

The ETH/USD pair has been seen rallying on increased momentum. The bulls are approaching the short-term trend line resistance around the level of $2,900. The target for bulls is seen at the level of $2,999 and $3,024 and in a case of a breakout higher, the rally might accelerate towards the swing high seen at the level of $3,287. The technical support is located at $2,816 and $2,831.

Weekly Pivot Points:

WR3 - $3,411

WR2 - $3,141

WR1 - $2,874

Weekly Pivot - $2,577

WS1 - $2,325

WS2 - $2,017

WS3 - $1,770

Trading Outlook:

The market is bouncing after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,436 is the next key technical resistance for bulls. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.