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Technical Analysis of ETH/USD for June 22, 2020
Crypto Industry News:
Eight technology companies from seven different emerging economies will receive the investment tool for cryptocurrency Ethereum from the crypto fund UNICEF.
The investment tool with UNICEF cryptography support has donated 125 ETH, worth approximately $ 28,600, to these companies for use in scaling or prototyping relevant technologies over the next six months. The companies that are covered by this program have already received $ 100,000 in fiat currency from the UNICEF innovation fund.
One such company, Afinidata, offers educational content for parents with young children. Another, Cireha, builds communication systems for children with speech or language impairments for use in the offline world. They are largely charitable, and UNICEF gives them impetus to use cryptocurrency to continue this mission.
“We see that the digital world is reaching us faster than we could have imagined – and UNICEF must be able to use all the tools of this new world to help children today and tomorrow.”
– said Chris Fabian, co-founder of UNICEF Ventures in a statement, adding:
The transfer of these funds – to eight companies in seven countries around the world – took less than 20 minutes and cost us less than $ 20. An almost immediate global shift in value, fees less than 0.00009% of the total amount transferred, and real-time transparency for our donors and supporters are the types of tools we enjoy.
Because UNICEF is a United Nations organization that protects the welfare of children around the world, it also works for a better future. As the organization distributes money to technology companies around the world, it’s worth noting that blockchain technology seems to match its future plans.
Technical Market Outlook:
The ETH/USD pair is testing the nearest technical resistance seen at the level of $235.42 after the bounce from the technical support located at the level of $225.84.Despite the bounce, Ethereum is still locked inside of a narrow zone located between those two levels and might spend some time inside of this zone, just like it does two weeks ago. There is no big spike in momentum as well, which is another indication of lack of the strength in the bills camp. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 – $257.09
WR2 – $246.02
WR1 – $2437.53
Weekly Pivot – $227.45
WS1 – $218.65
WS2 – $207.59
WS3 – $198.98
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
