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Technical Analysis of ETH/USD for Apr 16, 2020
Crypto Industry News:
Amid the global COVID-19 pandemic and concerns about ongoing quarantine and rising unemployment, more and more people around the world are turning to cryptocurrencies, Russia is no exception.
Traffic on cryptographic exchanges in Russia in the last week of March 2020 increased by 5.56% compared to the February average, according to a study by Qrator Labs. The company has combined growing numbers with growing interest in currency markets. In addition, the report notes an increase in Russia’s traffic on foreign currency markets by about 3%.
Growing traffic has emerged against the background of the first paid week off from work in Russia, which was originally scheduled for March 28 to April 5 to address the coronavirus epidemic. Ultimately, Russian President Vladimir Putin extended the national “non-working week” to 30 April.
In addition to the significant increase in cryptocurrency exchange traffic in Russia, Qrator Labs reportedly warned of a huge increase in DDoS attacks on cryptocurrency exchanges. According to the report, the number of DDoS attacks on cryptocurrency exchange platforms increased by as much as 486% over the same period.
Qrator Labs data on the rapid rise in cryptographic movement driven by coronavirus in Russia may provide additional evidence for the seemingly positive impact of a pandemic on global cryptographic markets. In March, interest in buying Bitcoins peaked in July 2019, according to Google search trend data.
Technical Market Outlook:
The ETH/USD pair has bounced from the level of $149.53 to test the key short-term technical resistance located at the level of $164.21. 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
