Technical analysis of ETH/USD for Dec 13, 2019

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Crypto Industry News:

According to media reports, ING bank is developing cryptocurrency storage technology.

The digital asset storage service developed by ING is allegedly part of one of several bank initiatives related to Blockchain and is still at an early stage of development. The bank reportedly said that “it sees increasing opportunities for digital assets in both covered assets and native security tokens.”

In response to a comment request, ING did not provide detailed information about the project, but said that “it is particularly active by developing the technology behind digital resources to allow its clients consistent access to this emerging ecosystem.”

As cryptocurrencies are beginning to increase in value as an asset class, large finance companies are increasingly developing their own technologies and custody services.

The American giant of financial services Fidelity Investments has fully launched the cryptocurrency storage service in mid-October, after one year of preparation and gathering clients.

On December 11, Berlin-based company fintech solarisBank announced the creation of a subsidiary called Solaris Digital Assets to provide a solution for the storage of digital assets. Cryptocurrency exchanges have also developed internal fiduciary services, including the major US Coinbase and Gemini exchanges.

As Rohan Barde, research and innovation manager at Blockchain Zoo earlier wrote, there are two main reasons why institutional investors need fiduciary services that reduce risk and comply with regulations.

By separating the entity holding the assets from the entity managing the assets, financial institutions focus on their specializations. Fiduciary services also reduce the risk of employee embezzlement.

Technical Market Overview:

The ETH/USD pair has bounced from the lower channel line located at the level of $138.22 and is currently trading around the old 50% Fibonacci retracement located at the level of $143.74. It means the 61% Fibonacci retracement of the last wave up had been broken as well and the next target for bears is seen at the level of $136.98. The larger timeframe trend remains bearish.

Weekly Pivot Points:

WR3 – $162.22

WR2 – $157.56

WR1 – $153.69

Weekly Pivot – $148.38

WS1 – $144.67

WS2 – $138.97

WS3 – $135.22

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.

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

Source:: Technical analysis of ETH/USD for 13/12/2019:

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