Crypto Industry News:

According to a recent study, almost half of retail investors in Russia believe that cryptocurrencies like Bitcoin are hedging assets tied to a stable income.

The survey was conducted among 1,000 Russian retail investors to find out what types of alternative investments are the most sought after.

According to the study, as many as 46% of respondents perceived cryptocurrencies as a potential defensive resource allowing them to protect themselves against financial risk in times of economic crisis.

Russian retail investors preferred cryptocurrencies over real estate, while only 37% of respondents investing in alternative assets considered buying real estate to be an effective investment vehicle. While real estate has historically been the most important hedging asset in Russia, cryptocurrencies have now become the biggest investment trend in 2021, after overtaking other traditional assets including currencies and foreign exchange stocks.

According to a study by the Big Data Brand Analytics platform, Bitcoin was the most popular cryptocurrency in Russia in October, ahead of coins such as Tether and Litecoin in terms of social media mentions.

In recent years, cryptocurrencies have become more and more popular with Russian investors. According to a study conducted last year, 77% of Russian investors prefer Bitcoin to gold.

Technical Market Outlook

After the ABCxABC complex corrective pattern might have been completed at the level of $3,910, the ETH/USD pair has broken above the short-term trend line resistance seen around the level of $4,481. The recent local high was made at the level of $4,782, so the up trend continuation had been confirmed. The nearest technical support is seen at the level of $4,670 and $4,642. The larger time frame trend is still up and the next target for bulls is seen at the level of $4,876 (last ATH).

Weekly Pivot Points:

WR3 - $5,126

WR2 - $4,890

WR1 - $4,581

Weekly Pivot - $4,237

WS1 - $3,938

WS2 - $3,595

WS3 - $3,100

Trading Outlook:

The ABCxABC complex corrective cycle might be terminated, so 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.