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Technical Analysis of ETH/USD for November 1, 2021

Relevance up to 03:00 2021-11-02 UTC–4

Crypto Industry News:

AMC Entertainment is in the process of updating its technical infrastructure to allow consumers to pay online with Bitcoin, Ethereum, Litecoin and Dogecoin for movie tickets. However, it is not the end. In a Twitter post, Adam Aron, the company’s CEO, asked if users would be potentially interested in paying with Shiba Inu as well. Currently, more than 103,000 Twitter users have already taken part in the poll, and over 86% of voters chose “Yes”.

The cult network of theaters has recently become more and more interested in cryptocurrencies. Last week, its president discussed the possibility of issuing a corporate cryptocurrency. Earlier this month, AMC allowed its customers to purchase digital gift cards through Dogecoin and other cryptocurrencies using a BitPay wallet. In September, Aron expressed interest in minting commemorative cinema tickets as NFT tokens.

On Friday, Shiba Inu overtook Dogecoin, becoming the ninth largest cryptocurrency in the world by market capitalization. According to Etherscan, the daily number of Shiba Inu transactions surpassed 140,000, slightly less than the record high of 172,411 daily transactions reached in May.

Technical Market Outlook

The ETH/USD pair has made a new ATH at the level of $4,459. The rally from the level of $3,890 has ended with exhaustion candlestick pattern, so the corrective cycle is currently developing. The nearest technical support is seen at the level of $4,274 – $4,243 and the key short-term technical support is currently located at the level of $4,121. The larger time frame trend remains up and the outlook for the nearest week is bullish.

Weekly Pivot Points:

WR3 – $5,137

WR2 – $4,787

WR1 – $4,556

Weekly Pivot – $4,216

WS1 – $3,997

WS2 – $3,650

WS3 – $3,426

Trading Outlook:

The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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