Technical analysis of ETH/USD for Feb 28, 2020

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Crypto Industry News:

Ethereum co-founder Vitalik Buterin does not believe that the popular model is useful for predicting the price of Bitcoin.

In a recent Twitter debate, Buterin became the second known figure to criticize the stock-to-flow model, according to which Bitcoin will reach an average of $ 100,000 in 2021-2024.

The model has been accurate so far in predicting Bitcoin price increases. However, according to Buterin, the stock-to-flow model is a prognostic model like any other. Discussing press articles that attribute specific events to Bitcoin price increases, he stated that the vast majority were “rationalized nonsense.”

“Every day I remind you that 95% + articles in the form” event X will cause the crypto to go (up | down) “is post-hoc rationalized nonsense,” wrote Buterin.

The remaining 5% of the articles that Buterin apparently supports are not disclosed.”You don’t have to be beaten – using the” stock-to-flow “model to predict prices is absolute nonsense,” concluded Buterin.

Technical Market Outlook:

The ETH/USD pair has bounced towards the level of $235.42 which is the key short-term technical resistance for the market, but the bulls did not manage to break through this level. Ethereum still trades below the short-term trendline resistance.The weak and negative momentum supports the bearish outlook. The fear of coronavirus is spreading across the financial markets and the cryptocurrency market is involved as well, together with stocks and risky currencies.

Weekly Pivot Points:

WR3 – $334.89

WR2 – $309.29

WR1 – $291.76

Weekly Pivot -$264.76

WS1 – $245.87

WS2 – $220.22

WS3 – $202.34

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 wave 1 of the overall wave 3.

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

Source:: Technical analysis of ETH/USD for 28/02/2020:

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