FX.co ★ Technical Analysis of ETH/USD for April 29, 2022

Crypto Industry News:

Thanks to the activities of the TON Foundation, users of the popular Telegram messenger will be able to use crypto payments. This is important because the free application is already used by nearly 550 million people.

The introduction of a new bot that will allow you to buy Bitcoin (BTC) and Toncoin (TON) turned out to be a good move. According to the information provided by the TON Foundation, so far over 800,000 users have used the bot. The new feature will allow users to send and receive Toncoins (TONs), and will also enable them to buy BTC.

The representatives of the TON Foundation predict that the new functionality will be extended to payments made between consumers and companies. This, in turn, could facilitate the procurement of goods and services, and users could send TON via telegram bots:

"We anticipate that this functionality will extend into consumer to business payments, so that people can easily acquire goods and services by sending toncoin via bots in the Telegram app".

The integration of TON with Telegram is just the beginning of work on the development of the Toncoin ecosystem. Thanks to user support, the foundation raised $ 1 billion worth of funds that it intends to use to further develop the project. Using telegram bots to pay TONs or buy BTC is sure to gain interest from many members of the crypto community.

Technical Market Outlook:

The ETH/USD pair has made a new swing low at the level of $2,768 and is currently trying to bounce higher. In order to make a full V-shape reversal, the bulls must break above the last high seen at the level of $3,178, however, so far the local high was made at the level of $2,980. The nearest technical resistance is seen at $2,881 and the immediate technical support is located at $3,022 and $3,050. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $2,503.

Weekly Pivot Points:

WR3 - $3,378

WR2 - $3,278

WR1 - $3,078

Weekly Pivot - $2,916

WS1 - $2,787

WS2 - $2,680

WS3 - $2,474

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.