Crypto Industry Outlook:
Ethereum is rising all the time, and it's been 48h since the last ATH. Although, according to some analyzes, the second most popular cryptocurrency may soon reach $ 8,000-10,000, it is also worth looking at in a different way.
Above all, Ethereum should be considered a key element for the entire cryptocurrency market and the "fuel" for countless projects.
Most investors have Ethereum in their portfolio for a reason. Created by Vitalik Buterin and several other programmers, the cryptocurrency brings investors attractive returns, and you can still benefit from attractive interest rates when staking. In addition, Ethereum is becoming deflationary, which will most likely affect the price over time.
Considering the practical applications of Ethereum, it is worth looking at the cryptocurrency not only as an asset whose value will increase in some time, and then it will be possible to sell it at a profit. According to crypto enthusiasts, the current DeFi market is less than 1/100 of what decentralized finance will become in the next few years. If by that time none of the potential "Ethereum killers" succeeds in chasing the Ethereum blockchain, it is the Vitalik network that will become the most important for the entire cryptocurrency industry.
Technical Market Outlook
The ETH/USD pair continue the impulsive wave to the upside, passed the 100% market geometry level seen at $4,716 and is approaching 127% Fibonacci projection located at the level of $4,873. The momentum is strong and positive, which supports the short-term bullish outlook for ETH. The nearest technical support is seen at the level of $4,670 and $4,767.
Weekly Pivot Points:
WR3 - $5,386
WR2 - $5,022
WR1 - $4,864
Weekly Pivot - $4,516
WS1 - $4,398
WS2 - $3,977
WS3 - $3,841
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.
