Technical Analysis of ETH/USD for Apr 7, 2020

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Crypto Industry News:

Bank of Revolut said that all standard users will now be able to buy and sell cryptocurrencies supported in its banking application, although this will not apply to US residents for now.

Revolut planned to expand its cryptographic offer later this year. In an email to users, the bank’s cryptography chief, Edward Cooper, said that growing concerns about the potential effects of the central bank’s quantitative easing and currency devaluation have accelerated adoption.

Revolut – which raised $ 500 million in D series earlier this year – has enabled users to buy cryptocurrencies directly from the app since they added Bitcoin support in 2017. Although users can trade digital assets with other Revolut users, they cannot remove them from the app.

Revolut services were extended to the United States at the end of March. The bank said that new US customers will only have access to its basic functions. Additional services, such as the cryptocurrency buying service, will be added later.

Technical Market Outlook:

The ETH/USD pair has made a new local high at the level of $175.00 in the time of writing the analysis. Nevertheless, the bulls are still trying to make use of the momentum behind this move up and move higher towards the level of $176.78, which is a technical resistance for the price. On the other hand, if the bulls fail here, then the next technical support is seen at the level of $156.24 – $153.46. Please notice the increasing momentum on ETH/USD on H4 time frame chart during the last move up.

Weekly Pivot Points:

WR3 – $180.45

WR2 – $163.97

WR1 – $154.32

Weekly Pivot – $137.76

WS1 – $127.39

WS2 – $112.43

WS3 – $101.19

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 07/04/2020:

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