FX.co ★ Technical Analysis of ETH/USD for March 27, 2023

Crypto Industry News:

The Venezuelan electricity supplier has shut down cryptocurrency mines across the country as part of a reorganization of the country's cryptography department and ongoing corruption investigations involving the country's oil company.

According to local media reports, cryptocurrency mining companies and tweets by the National Cryptocurrency Association of Venezuela, cryptocurrency mines have been shut down in the states of Lara, Carabobo and Bolivar in recent days. It is not clear how many companies have been affected. Some cryptocurrency exchanges have also been ordered to cease operations.

The closure of cryptocurrency mining facilities is believed to be part of an ongoing corruption investigation involving Venezuelan oil company PDVSA and the country's cryptocurrency department.

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 (round psychological level). The intraday technical support is still seen at the level of $1,727 and the intraday technical resistance is located at $1,800. 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 - $1,809

WR2 - $1,787

WR1 - $1,773

Weekly Pivot - $1,765

WS1 - $1,751

WS2 - $1,742

WS3 - $1,720

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.