Technical Analysis of ETH/USD for March 4, 2021
Crypto Industry News:
Technology giant Amazon has just announced the general availability of Ethereum on its own managed blockchain.
According to Amazon Web Services, aka AWS, users now have the ability to “provision Ethereum nodes” and connect to the blockchain core network in addition to the Ropsten and Rinkeby test networks via an Amazon-managed blockchain. The program aims to offer secure network access using “standard open source Ethereum APIs” and synchronizes with the Ethereum blockchain.
“Amazon Managed Blockchain monitors the health of nodes, replaces unhealthy nodes, and automates Ethereum software updates, improving the availability of customers’ Ethereum infrastructure,” says AWS. “In addition to DeFi applications, customers building analytics products such as smart contract monitoring tools and fraud detection software can also take advantage of this scalable, highly available and fully managed Ethereum service.”
AWS launched its Amazon Managed Blockchain for the first time in April 2019, claiming that customers will be able to set up blockchain networks in their organizations and use the Ethereum and Hyperledger open source platforms. It was claimed that the service could eliminate the need to “provision hardware, install software, create and manage access control certificates, and configure network settings”:
The move came exactly one month after Jeff Bezos announced that he would step down as Amazon CEO in the third quarter of 2021. Andy Jassy, who is now president of Amazon Web Services and oversees the company’s crypto offering, is to be replaced.
Technical Market Outlook:
The ETH/USD pair has failed to rally after the break out above the trend line resistance located at the level of $1,600. The next target for bulls is seen at the level of $1,650 , but even if this level is hit, then the next most important target for bulls is the overbalance level located at $1,619. As long as the market trades below the overbalance level, the correction to the downside might develop. Please keep an eye on the RSI indicator as it clearly shows the momentum is barely positive.
Weekly Pivot Points:
WR3 – $2,368
WR2 – $2,149
WR1 – $1,728
Weekly Pivot – $1,511
WS1 – $1,076
WS2 – $857
WS3 – $438
During the recent corrective cycle Ethereum has lost almost 50% of its value , but the longer term up trend on the Ethereum continues. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com