Technical Analysis of ETH/USD for July 6, 2020

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Crypto Industry News:

Elon Musk has long aroused interest in the cryptocurrency environment. With unclear reasons, many investors on the BTC market are waiting for the creator of Tesla to invest in digital currencies. Last week, the famous businessman only admitted that … has nothing to do with Ethereum.

Almost a year ago, Twitter post by William Shatner appeared. He suggested (half-jokingly, semi-seriously) that Vitalik Buterin and Elon Musk should consider building a platform based on Ethereum.

Then, in May 2019, none of the most interested responded. However, now Musk finally reacted and wrote on Twitter:

“I’m not building anything on ethereum. Not for or against it, just don’t use it or own any”.

Musk has long been arousing emotions on the market. First, many scams were based on his fake accounts. The fraudsters set up profiles that suggested that Tesla’s CEO was behind them, and then persuaded naive Internet users to send them funds at BTC. In response, they were supposed to send a few times more cryptocurrencies. As you could easily guess, it was just a simple recruitment. It turned out, however, that some people fell for it. Why? Perhaps the reason was that Musk looks like a little crazy who would be able to do something so strange. In addition, the eccentric businessman recently announced that he was selling all his physical assets, including home. Then many BTC investors dreamed that he would buy cryptocurrency for such acquired funds.

Musk himself, however, already has cryptocurrencies, but apparently it is only 0.25 BTC. A little bit for a billionaire.

Technical Market Outlook:

The ETH/USD has has almost hit the intraday support located around the level of $222, but it was not clearly violated yet. The market is still trading below the short-term trend line resistance, so the odds for another low are high as the momentum is still weak and negative. Neither bulls nor bears can make up their mind and made a breakout in either direction. The next target for bears is seen at the level of $217.65 and $209.89 and the nearest technical resistance for bulls is seen at the level of $232 ( just above 50% of the Fibonacci retracement located at $231.94).

Weekly Pivot Points:

WR3 – $241.60

WR2 – $236.80

WR1 – $229.63

Weekly Pivot – $225.04

WS1 – $218.03

WS2 – $213.12

WS3 – $205.61

Trading Recommendations:

The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.

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

Source:: Technical Analysis of ETH/USD for July 6, 2020:

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