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Technical Analysis of ETH/USD for July 15, 2020
Crypto Industry News:
PayPal has confirmed that it is developing opportunities in the area of cryptocurrencies, in accordance with a letter to the European Commission. The document was originally submitted on March 20 and was to respond to the European Commission’s public consultation on building an EU framework for crypto-asset markets.
In the letter, the payment giant admitted that it “constantly monitors and assesses global changes in cryptographic space and Blockchain / DLT”, emphasizing that it advocates a “harmonious” regulatory approach that would not threaten innovation.
In addition, PayPal referred to its relationship with cryptographic resources, noting that in 2019 he joined Libra Association to learn “more about the proposed use of Blockchain technology to provide financial services to non-banking populations around the world,” but later resigned, because he started working on his own solutions in space:
“From the beginning of the project, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – has decided not to participate in the Libra Association and further focus on the implementation of our current missions and business priorities for democratization access to financial services “.
Technical Market Outlook:
The ETH/USD pair has bounced from the local low at $236.31, which was just above the local technical support located at $235.42. The bulls was trying to break through the trend line resistance again, but the rally was short-lived and the market reversed. If the drop is continued, then the next targets for bears are seen at the levels of $232.04 and $224.39. Please notice, the momentum starts to decrease as well which is in line with the short-term bearish outlook.
Weekly Pivot Points:
WR3 – $274.89
WR2 – $261.89
WR1 – $250.42
Weekly Pivot – $236.01
WS1 – $225.12
WS2 – $210.17
WS3 – $199.13
Trading Recommendations:
On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).
The material has been provided by InstaForex Company – www.instaforex.com
