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Technical analysis of ETH/USD for Feb 3, 2020
Crypto Industry News:
The ETHDenver event in the US next month is attracting the attention of several major sponsors. BP joined the list. Ethereum prices are rising, exceeding the $ 180 threshold for the first time in ten weeks.
The ETHDenver event, scheduled for February 14-16, has strengthened itself as one of the largest Ethereum meetings this year. Information about the new sponsor appeared on the official ETHDenver Tweeter.
The three-day event offers a wide range of activities, including talks and workshops led by the best influential encryption and blockchain providers as well as experts. Some of the important speakers this year are Vitalik Buterin, founder of ConsenSys Joseph Lubin, founder of Shapeshift Eric Voorhees, researcher of the Ethereum Foundation Vlad Zamfir and a long list of CEOs and Blockchain experts.
The entire event is funded by sponsors and usually includes cryptographic exchanges, Blockchain and fintech companies. This year, however, the global giant BP joined this list.
Technical Market Overview:
The ETH/USD pair did not make any violate moves during the weekend. Instead, the market has been trading around the recent high made at the level of $193.52 at the top of the ascending channel upper line. The nearest technical support for the bulls is seen at the level of $185.37 and the next target is located at the level of $200.00. The momentum remains strong and positive despite the overbought market conditions at the H4 timeframe, so the odds for another wave up are still high.
Weekly Pivot Points:
WR3 – $231.75
WR2 – $211.10
WR1 – $202.50
Weekly Pivot – $183.58
WS1 – $174.98
WS2 – $155.68
WS3 – $147.65
Trading Recommendations:
There is a possibility that 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. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
