Technical analysis of ETH/USD for Jan 3, 2020

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Crypto Industry News:

Mark Hipperson, former head of technology at the Barclays Group, as well as co-founder and former technical director at US Starling Bank, plans to launch his latest digital banking venture, Ziglu, in the first quarter of 2020.

The fully digital account, which is the next step in the bank’s concept, will allow you to store multiple currencies, both fiat and digital, in the same account.

A free account will not only be able to keep balances in many currencies, but also freely exchange funds between them. Foreign currencies will be available to buy and sell at interbank rates, and cryptocurrency purchases and sales will be available at the best price among many exchanges.

What’s more, according to the Ziglu website, any currency stored on your account can be spent anywhere in the world using a Mastercard debit card. This includes cryptocurrencies that will be immediately converted at the point of sale.

Hipperson has been the CEO of Ziglu since September 2018, and the company has submitted an application to the UK Financial Supervisory Authority (FCA) to become an issuer of electronic money. Pre-release applications are currently being downloaded, but only from UK residents, although there are plans to expand in the future.

Ziglu is certainly not the first company to offer a combined fiat/crypto account. In August of last year, the battle launched an account with an attached Bitcoin wallet and has since also added Ethereum functionality.

Technical Market Overview:

The ETH/USD pair has dropped from the local high at the level of $136.64 to the lower channel line located around the level of $125.00 ( the actual low has been made at the level of $124.48). The bulls have temporary control as they have managed to make a Bullish Engulfing pattern at the lower channel line support and the market is currently trading around the level of $128.00. It is worth to keep an eye on the current developments of the Ethereum market, despite the fact, that the market is still trading aimlessly inside of a range. An important breakout higher or lower can happen anytime now.

Weekly Pivot Points:

WR3 – $156.40

WR2 – $145.89

WR1 – $141.32

Weekly Pivot Point – $130.81

WS1 – $125.47

WS2 – $114.97

WS3 – $109.88

Trading 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 03/01/2020:

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