Technical Analysis of ETH/USD for Apr 21, 2020


Crypto Industry News:

The BitMEX crypto exchange registered in Seychelles is joining the efforts to fight the global pandemic COVID-19.

Today, the stock exchange operator, HDR Global Trading, has launched a fund to combat coronavirus, while announcing its $ 2.5 million in subsidies to four recipients.

The company claims that the best way to join the global fight against a pandemic are:

“[…] strategically targeted funds that can fill gaps in global operations and quickly strengthen well-equipped but underfunded organizations.”

After consulting with their advisors, HDR Global Trading decided to make a donation to two partners of Gates Philanthropy Partners COVID-19 Funds, namely the biosecurity program under the Nuclear Threat Initiative, OpenMined and Our World in Data initiatives.

These organizations focus on policy analysis and capacity-building projects to reduce biological risk, vaccines, diagnosis and treatment development, information verification and open source support for data protection techniques.

HDR Global Trading emphasized that all funds made available through the COVID-19 Response Fund are independent of the personal initiatives of its co-founder Ben Delo, a signatory to Giving Pledge.

It is also worth recalling that the Stellar Development Foundation allocated up to 2.5 million lumens earlier this month for non-profit organizations working to help in crisis situations during a pandemic.

Meanwhile, Binance began efforts to raise $ 5 million in cryptocurrencies to buy medical supplies for the countries most affected by the pandemic, after buying medical equipment for Chinese Wuhan worth $ 1.4 million in January.

Technical Market Outlook:

The ETH/USD pair has made a new local low at the level of $165.65, after the Pin Bar candlestick pattern was made at the top of the move. So far the bears has manage to push the price towards the level of $172.91, which is the lower boundary of demand zone, but the bulls keeps fighting back and are currently testing this level from below. The key short-term support is seen at the level of $164.45 and if violated, the price can drop to the level of $153.46. The market participants await for a decisive breakout in either direction so it is worth to keep and eye on the next develpomnent on the Ethereum market.

Weekly Pivot Points:

WR3 – $240.86

WR2 – $214.90

WR1 – $200.99

Weekly Pivot – $173.55

WS1 – $159.05

WS2 – $132.99

WS3 – $117.12

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 –

Source:: Technical Analysis of ETH/USD for 21/04/2020:

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