FX.co ★ Technical Analysis of ETH/USD for March 24, 2023

Crypto Industry News:

Telegram takes a big step forward in cryptocurrency integration. Over 700 million users of the instant messaging app Telegram can now seamlessly buy, sell and transfer the Tether US Dollar (USDT) stablecoin via chat.

The announcement of the popular chat's new feature was released Wednesday afternoon by Telegram's blockchain team, The Open Network.

USDT is the largest digital stablecoin in the world by market capitalization of over $75 billion. It is more than twice the size of its US dollar (USDC) stablecoin competitor, which has a market capitalization of $35 billion. Tether has seen significant gains against USDC in recent weeks after Circle, the company responsible for issuing USDC, was implicated in the collapse of Silicon Valley Bank, causing it to briefly lose its peg to the US dollar.

The new functionality means that Telegram users can now select USDT as well as the native TON coin from their chat windows and instantly transfer funds to their contacts. According to Decrypt, currently Telegram will only support USDT on the Tron blockchain.

Technical Market Outlook:

The ETH/USD pair has made a new swing high at the level of $1,858 as the bullish momentum rebounds from lows. The next target for bulls is seen at the level of $2,000 (psychological level). The intraday technical support is still seen at the level of $1,727. The bulls might use the help of 50 MA seen at $1,632 and 100 MA seen at $1,508. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $1,857

WR2 - $1,810

WR1 - $1,788

Weekly Pivot - $1,764

WS1 - $1,741

WS2 - $1,717

WS3 - $1,641

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.