Fibonacci Retracement to Play
The ETH/USD was closed at $2725.33 after placing a high of $2768.77 and a low of $2459.27. After falling for a day in the previous 14-days, ETH/USD regained its strength and came back stronger to place massive gains for the day on Wednesday. ETH/USD placed highest gains since May 31 and rose more than 1% on a single day amid the upcoming London-hard fork upgrade scheduled to launch on Thursday.
The rising price of Ethereum could also be attributed to the latest announcement from global payments giant Mastercard that it has partnered with the cryptocurrency exchange CoinJar to launch the first payment card that can support digital currencies in Australia.
The partnership of CoinJar & Mastercard came in intending to make digital asset services accessible to mainstream users. The card will operate whenever the Mastercard is accepted and will automatically convert the selected cryptocurrency into Australian dollars before the transaction is made.
Activation of the card will be free of cost; however, it will carry a transaction fee of 1%, which could be returned to the user at CoinJar rewards. The interesting thing about the card is that there will be no monthly charges for using the card. This news added strength in the overall cryptocurrency market, and hence, the second-largest cryptocurrency also followed the trend and moved upward.
Meanwhile, another piece of news pushed the rising prices of ETH/USD further higher, which was from India. An Indian-based cryptocurrency exchange revealed plans to open a systematic investment plan in digital assets for Indian athletes who will win medals at the ongoing Tokyo Olympics.
It is reported that the exchange will grant around $2,700 in crypto for gold medal winners. In simple terms, the Indian Olympic medal winners will get free bitcoin and Ethereum from an Indian-based cryptocurrency exchange. This news also supported the rising prices of ETH/USD on Wednesday.
ETH/USD Intraday Technical Levels
Pivot Point: 2651.12
ETH/USD - Technical Outlook
On Thursday, the ETH/USD is trading with a bearish bias at 2,679, having crossed below the support level of 2,705. On the 4-hour timeframe, ETH/USD has completed 23.6% Fibonacci retracement at the $2,700 level. There break below this level exposes Ether price towards 38.2% Fibonacci retracement level of 2,650 and 2,600. The MACD is holding in a buying zone. Therefore, ETH/USD bias will be short-lived. The resistance prevails at 2,715, and a bullish breakout exposes the pair towards 2,770 and 2,960. All the best!
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