Technical analysis of ETH/USD for Feb 18, 2020


Crypto Industry News:

IOHK, a Cardano software company, has announced a $ 500,000 donation in Cardano to support and develop the Blockchain Research and Development Lab of the University of Wyoming (UW).

Professor James Caldwell, Assistant Professor Mike Borowczak and Philip Schlump will head the Advanced Blockchain Research and Development Lab.

Professor Borowczak said that the IOHK donation will be used to support students and PhD students in developing practical applications of real Blockchain use cases.

IOHK, founded by the co-founder of Ethereum, Charles Hoskinson, is based on the principles of peer-reviewed academic research. The company is involved in the development of open source software, authentication and anti-counterfeiting measures. For example, New Balance uses IOHK’s Blockchain Cardano chain to authenticate its products to consumers.

According to Professor Caldwell, the IOHK donation will specifically help study the practical applications of Blockchain, such as supply chain management, traceability of goods and the development of smart contracts.

Technical Market Overview:

After the Shooting Star candlestick pattern had been made at the H4 timeframe chart around the level of $288.01, the bears took control over the market of ETH/USD and pushed the prices towards the level of $235. Currently, the market is trading around the level of $270 after the bounce has broken through the short-term trendline resistnace. Nevertheless, only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle as this is the key short-term technical support.

Weekly Pivot Points:

WR3 – $358.03

WR2 – $324.90

WR1 – $285.60

Weekly Pivot – $248.62

WS1 – $213.91

WS2 – $176.19

WS3 – $141.12

Trading Recommendations:

The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be the wave 1 of the overall wave 3.

The material has been provided by InstaForex Company –

Source:: Technical analysis of ETH/USD for 18/02/2020:

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