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

Crypto Industry News:

Visa has officially launched the Visa Creator program, an annual product strategy and mentoring program for art, music, fashion and film entrepreneurs looking to accelerate their small business with NFT tokens. According to Visa, the program aims to bring together digital creators from around the world and empower them through education in Blockchain technology and NFT trading.

The first developer of the Visa program, originally announced in October 2021, is Micah Johnson, creator of the Aku World NFT community. Johnson is a former professional baseball player who retired from multiple injuries to become a visual artist in 2018. The NFT character, Aku, is a young black astronaut who has grown up to his own film and television deal and is considered the first work of NFT art to travel digitally to the International Space Station.

Johnson's artworks sold for a total value of ETH 6178, or roughly $ 20.9 million, according to CryptoArt. It joins the first-class content creators and concert economy workers already committed to the NFT. Potential candidates must come forward and be selected to participate.

Cuy Sheffield, Visa's head of cryptocurrency, said in a statement that "NFTs have the potential to become a powerful accelerator for the creator economy." He added that the Visa Creator Program is their way of helping "this new type of small and micro enterprise access new media for digital commerce."

In addition to the mentoring and community aspect of the program, other benefits, according to Visa, include the ability to connect with Visa's network of customers and partners, as well as access to thought leaders in the Web3 space. Participants will also receive a one-time scholarship to help start the next stage of the company's business plan.

Technical Market Outlook:

The ETH/USD pair has made a new high at the level of $3,482, but the rally was capped and now the pair is in the corrective cycle. The nearest technical support is seen at the level of $3,287 and $3,234 and those levels are being tested by bears. The local intraday technical support is seen at $3,214. In a case of a sudden termination of the correction and a further breakout higher, the next target for bulls is the 50% Fibonacci retracement located at the level of $3,512. The weak and negative momentum supports the short-term bearish outlook, but 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.