Technical Analysis of ETH/USD for June 11, 2020

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Crypto Industry News:

Beverage vending machines operated by Asia Pacific’s main distributor of non-alcoholic beverages, Coca-Cola Amatil, will now accept payments in cryptocurrencies. This development took place as a result of a new agreement with the Centrapay digital assets platform.

A network of over 2,000 Coca-Cola Amatil vending machines in Australia and New Zealand will allow consumers to spend crypto using a smartphone camera to scan a QR code, provided that the phone has the Sylo smart wallet installed.

Jerome Faury, CEO of Centrapay, also drew attention to the greater awareness of the need to limit physical contact in commercial locations due to the global crisis of COVID-19.

The company’s agreement with Coca-Cola Amatil – allegedly one of the largest Coca-Cola bottling plant in the world serving 270 million consumers – was presented as the first step in providing easier access to crypto for consumers around the world.

“Now that we’ve shown how it can work in Australia and New Zealand, we want to grow globally. We’ve established a North American presence and will be heading to the US market,” said Faury.

Centrapay focuses on removing barriers to the adoption of Web 3.0 technology – in particular, digital assets and digital identity services.

Technical Market Outlook:

The upper boundary of the consolidation zone on ETH/USD paris is located at the level of $246.94 and the lower one at $235.42. The uppar one had been broken just recently during a quick rally towards the level of $249,69, but the price returned back to the range zone. The last bounce was quite strong and if bears will not regain the control of the market soon, then the bulls will push the price towards last swing high seen at $253.00. The decreasing momentum supports the short-term bearish outlook for Ethereum and the next target for bears is seen at the level of $217.65 and $215.58.

Weekly Pivot Points:

WR3 – $282.07

WR2 – $267.98

WR1 – $254.66

Weekly Pivot – $238.43

WS1 – $226.18

WS2 – $210.71

WS3 – $197.39

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 June 11, 2020:

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