Technical analysis of ETH/USD for Dec 6, 2019

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Crypto Industry News:

The US Securities and Exchange Commission (SEC) has appointed a new head of its cyber branch.

Kristina Littman, who took over the position of Robert A. Cohen, will become the new head of the Cyber Unit division, according to a published SEC announcement.

Joining the SEC as an employment attorney in 2010, Littman climbed the rungs to become a senior advisor to the SEC chairman, Jay Clayton, in summer 2017. In this role, she advised Clayton on regulatory and policy issues regarding cryptocurrencies and digital assets, and also international affairs, trade and markets.

“Kristy’s innovative thinking and extensive experience in the Commission have made her an invaluable adviser and, most importantly, a tireless defender of American investors. It will be an excellent leader of a cybernetic unit that will continue to work in this critical and constantly developing area” – Clayton said.

The Cyber Unit was founded in 2017 as a way to solve cybersecurity problems and protect investors from dishonest members of the growing cryptocurrency and Blockchain industry.

Under the leadership of Robert Cohen, the unit was acting against the ICO, which the agency found unfair. Littman will inherit significant ongoing processes, including against Kik Interactive, for alleged involvement in an unregistered $ 100 million securities offer. The telegram is also fighting for a similar case brought by the SEC regarding a gram token.

Cohen left the SEC for a position of partner at the Davis Polk & Wardwell LLP law firm – a company that represented cryptographic companies, including Coinbase, as well as major financial institutions.

Technical Market Overview:

The ETH/USD pair has retraced all of the sudden spikes up from the level of 4142.51 to $151.40 already, so the bears are in full control over the market. The market still trades under the short-term trendline resistance. The last low was made at the level of $142.26, which is below the 50% Fibonacci retracement located at the level of $143.74. If this level is violated again, then the next target for bears is seen at the level of $140.67, which is a 61% Fibonacci retracement. The technical supports are located at the levels of $136.98 and at the swing low at $130.68. The nearest technical resistance is seen at the level of $147.94.

Weekly Pivot Points:

WR3 – $187.69

WR2 – $171.75

WS3 – $162.01

Weekly Pivot – $146.28

WS1 – $136.26

WS2 – $119.53

WS3 – $110.92

Technical 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 06/12/2019:

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