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Technical Analysis of ETH/USD for Apr 23, 2020
Crypto Industry News:
The blockchain banking solution, Dharma, has implemented a new feature called Social Payments that allows users to send US dollars to any Twitter handle. Today’s Tweet explained that payments can be made regardless of geographical location or whether the recipient has a Dharma account.
Application users can make payments to Twitter handles directly from their wallet, as long as there are sufficient funds in their account. The next step is to resend the payment to the Twitter bot and tag the recipient for notification. Payment recipients must use the link sent by the bot to be able to set up a Dharma account and link it to their Twitter account in order to receive the money. However, as with all deposits on Dharma accounts, the balance will earn interest through Compound.
Dharma lists a number of potential applications that these opportunities offer, including the transfer of micropayments, cross-border charitable donations and the acceptance of business payments. It is not the first company to implement such a solution. In January, even Twitter itself was reportedly interested in integrating such a function, although a spokesperson at the time denied that it is currently under development.
Technical Market Outlook:
The ETH/USD pair has tested the 50% of Fibonacci retracement located at the level of $168.25 and bounced significantly higher. So far the bulls has managed to push the price towards the level of $186, which is very close to the key short-term resistance level. The nearest techncial support (intraday) is seen at the level of $178.25. 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. 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.
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 – www.instaforex.com
