Technical Analysis of ETH/USD for Apr 15, 2020

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Crypto Industry News:

China is catching up with Americans on blockchain investments, according to New York research firm CB Insights. According to scientists, Asians accounted for 22% of investments in 2019, and the US for 31%. When we compare data from 2015, when this indicator in China was only 2% and in the US 51%, it is a huge progress.

However, CB Insights notes that this does not give a clear picture to assess in which of these economies blockchain development is greater.

Earlier this year, Xinhua, a state-owned Chinese financial media company and the Rhino Data financial data platform, reported that Chinese investment operations totaled approximately $ 3.44 billion in 245 transactions in 2019, a significant drop of 40.8% in terms of the size of investments compared to 2018.

According to experts, the majority of investments in China are activities of local entrepreneurs, however, in the near future an increase in foreign investment is expected.

As of today, there are no reports available that focus solely on how much blockchain investment took place last year. Instead of looking at numbers, it is worth paying attention to events such as the attitude of the government or the involvement of enterprises. Such observations will give us more data to assess what blockchain development looks like in these countries.

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $149.53, but despite the bounce, the bears are still in control over the market as the momentum is not increasing significantly. The next target for bears is seen at the level of $164.21. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.

Weekly Pivot Points:

WR3 – $213.33

WR2 – $193.74

WR1 – $179.45

Weekly Pivot – $159.49

WS1 – $145.21

WS2 – $125.44

WS3 – $111.55

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of ETH/USD for 15/04/2020:

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