Technical analysis of ETH/USD for Dec 31, 2019

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Crypto Industry News:

Leading cryptocurrency exchange Binance will suspend ETH deposits and withdrawals to support the recently announced Ethereum Muir Glacier update, according to information published on the exchange’s official blog. Deposits and withdrawals on the platform will be suspended before the block amount of 9,200,000.

While the upgrade will not affect Ethereum trading, deposits and withdrawals will be reopened when Binance decides that the improved network is stable. The Exchange emphasizes that it will not issue a separate message about the resumption of deposits and withdrawals, and recommends making deposits in full before upgrading.

“Leave sufficient time for full processing of deposits before the above ETH network block height. We will deal with all technical requirements for all users who have ETH on their Binance accounts,” reads the announcement.

Described in the November 22 proposal by Ethereum developer James Hancock, the Muir Glacier update will be launched on the main network on January 1, 2020, at block 9 200,000. The exact date may change due to variable times and time zones of blocks, and block statistics in real-time are available on the website.

Technical Market Overview:

The ETH/USD pair has made the local high at the level of $136.64 and the candle that was used to make this high looks like a Pin Bar candlestick pattern. The bulls have temporary control of the market, but it might not last for long as the price is getting closer to the key technical resistance area. Nevertheless, it is worth to keep an eye on the current developments of the Ethereum market, despite the fact, that the market is currently trading aimlessly inside of a range. A breakout higher or lower can happen anytime now.

Weekly Pivot Points:

WR3 – $156.40

WR2 – $145.89

WR1 – $141.32

Weekly Pivot Point – $130.81

WS1 – $125.47

WS2 – $114.97

WS3 – $109.88

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 31/12/2019:

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