Technical analysis of ETH/USD for Feb 6, 2020

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Crypto Industry News:

Binance, the second largest cryptographic exchange according to daily trading volume, enabled immediate purchases of four major digital currencies using Russian rubles.

Thanks to the development, Binance users can connect their Visa bank card and buy Bitcoins, Ethereum, Binance Coin and XRP for rubles. In the near future, Binance plans to launch support for Mastercard, as well as enable other currencies.

Binance quietly launched trading for rubles at the end of October 2019, initially enabling users to make deposits and withdrawals in the Russian national currency on the platform. Binance CEO Changpeng Zhao revealed that Russia was one of the top 10 markets on the stock exchange.

Indeed, a survey by Forklog’s Russian-language cryptographic site, published last summer, showed that Binance was the most popular cryptocurrency exchange in Russia, Ukraine and Belarus, and almost 60% of respondents say they prefer Binance to other global cryptocurrency exchanges.

In December, Binance expanded trading opportunities for Turkish Liras and added a new trading pair for Lira and Ruble. Recently, Binance launched a peer-to-peer trade for Vietnamese dong, enabling its users to directly buy and sell leading cryptocurrencies for dongs via the latest versions of the Binance P2P mobile app for iOS and Android.

Technical Market Overview:

The ETH/USD pair has made a new swing high at the level of $206.89, so the bulls had passed the $200 price mark. Moreover, the price has broken out of the ascending channel, so the rally might accelerate now towards the next target seen at the levels of $125.75 and $221.50. The nearest technical support is seen at the level of $196.81. The momentum still green and positive and so far there are no indications of a possible trend change at the H4 timeframe chart.

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

Source:: Technical analysis of ETH/USD for 06/02/2020:

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