Technical Analysis of ETH/USD for June 29, 2020

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Crypto Industry News:

Tokai Tokyo Financial Holdings, one of the main traditional Japanese financial institutions, has presented a plan to develop a security tokens exchange. Tokai Tokyo is already an investor in Huobi Japan.

According to Nikkei, the first step on this journey was for Tokai Tokyo to invest in Hash Dash Holdings to use the company’s knowledge to develop the stock market. Hash Dash’s mission is to use Blockchain technology in the financial industry to issue digital securities and provide commercial services on smartphones.

The planned stock exchange will trade in tokenized real estate, and Tokai Tokyo, Hash Dash and ICHX TECH will explore this sector by digitizing Japanese real estate and trading them in iSTOX, the Singapore digital stock exchange. They also investigate the digitization of IP addresses and corporate bonds.

Tokai Tokyo hopes to connect the planned Japanese stock exchange with iSTOX so that investors can seamlessly buy and sell digital assets on both stock exchanges, enabling Japanese corporations to raise money on the Singapore stock exchange.

Last December, Tokai Tokyo invested 500 million yen (around $ 4.7 million) in Huobi Japan, a licensed cryptographic exchange in Japan. It was also planned to start an IEO to help corporations raise money. The company was also considering trading some social currencies at IEO Huobi.

Technical Market Outlook:

The ETh/USD pair has made a new local low at the level of $215.17, which means the key short-term technical support located at the level of $217.65 had been violated. The bounce has been continued for some time now, but so far it was rather shallow and the price is starting to reverse again. If the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:

WR3 – $273.84

WR2 – $260.74

WR1 – $240.04

Weekly Pivot – $227.40

WS1 – $206.35

WS2 – $194.36

WS3 – $173.30

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 29, 2020:

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