FX.co ★ Technical Analysis of ETH/USD for March 3, 2022

Crypto Industry News:

The increase in the price of the LUNA Terra token over the past week made it the second largest asset among all major cryptocurrencies in terms of total value wagered, according to the data. LUNA has surpassed Ether, which at the time of editing had just over $ 28 billion worth of stake.

Data from Staking Rewards shows that the $ 30 billion LUNA is now staked directly on different protocols, accounting for the majority of the token's $ 34 billion market cap.

Participants earn over 6.98% of annual profits. As the data shows, around 41% of all eligible tokens are wagered.

The Orion.money cross-chain protocol holds more than $ 2 billion in staked LUNA, the largest token supported betting app among all. Its 43,000 participants generate almost 7% of the profits.

LUNA prices have risen almost 70% over the past week thanks to strong fundamentals and a positive community sentiment for Terra.

LUNA is one of two tokens issued by Terra, a blockchain protocol that uses dollar-denominated stablecoin to build a global payment system. LUNA has been one of the most successful cryptocurrencies in the last two years, with an increase of almost 76,130% from its low of $ 0.12 on March 18, 2020.

Technical Market Outlook

The ETH/USD pair rally has been temporary capped at the short-term trend line resistance around the level of $2,999. The target for bulls is seen at the level of $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. Currently, the market is consolidating the recent gains and bulls try to continue the rally after the Bearish Engulfing candlestick pattern was made at the H4 time frame chart. The immediate technical support is seen at the level of $2,911, 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.