FX.co ★ Technical Analysis of ETH/USD for March 31, 2022

Crypto Industry News:

Opera, one of the largest cryptocurrency-friendly web browsers, announced the integration of eight Blockchain chains to bring Web3 to over 380 million mobile and desktop users worldwide.

In January 2022, Opera launched the Crypto Browser project, a Web3-focused initiative to facilitate navigation in decentralized applications (DApp), games and metaverse platforms. As part of this initiative, the company added support for eight major Blockchain ecosystems - Bitcoin, Solana, Polygon, StarkEx, Ronin, Celo, Nervos Network and IXO.

Opera said in an announcement that its users now have access to the decentralized application ecosystems of Polygon and Solana, as well as "Layer 2 DeFi benefits via StarkWare-based DiversiFi."

The latest integrations allow Opera users to access the Blockchain proof-of-stake Polygon chain and Ethereum Tier 2 ecosystem via StarkEx.

According to the company, the intention of integrating so many Blockchains was to ensure chain diversity and Web3 engagement in an environmentally friendly manner. Additionally, the need for carbon neutral solutions with low gas fees was highlighted, which is one of the main reasons for choosing Polygon over the Ethereum Blockchain.

Technical Market Outlook:

The ETH/USD pair has made a new high at the level of $3,482 and keeps consolidating the recent gains around this level. The nearest technical support is seen at the level of $3,287 and $3,234. The local intraday technical support is seen at $3,335. In a case of a further breakout higher, the next target for bulls is the 50% Fibonacci retracement located at the level of $3,512. The strong and positive momentum supports the bullish outlook and as long as the price stays above the technical support seen at $3,045, the bulls are in control of the market.

Weekly Pivot Points:

WR3 - $3,836

WR2 - $3,556

WR1 - $3,407

Weekly Pivot - $3,131

WS1 - $3,010

WS2 - $2,712

WS3 - $2,604

Trading Outlook:

The market has broken above the level of $3,192 which was the key Fibonacci retracement for bulls. The bulls re now in control of the market and are heading towards the 50% Fibonacci retracement on the weekly time frame chart located at $3,512.