Technical Analysis of ETH/USD for June 30, 2020

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Crypto Industry News:

The Hong Kong Cryptocurrency Instrument Exchange BitMEX is introducing a new program with benefits for its corporate clients, including improved security support and accounting.

According to the announcement published on the BitMEX support website, the stock exchange is launching a new program for corporate clients called BitMEX Corporate. Accounts on the cryptographic exchange that are not owned and not operated by a natural person can now guarantee that their BitMEX resources are the legal property of the corporation.

BitMEX said the new features were created for customers who need “different ownership structures for their accounts,” account access and management, and security requirements. However, the announcement also states that options such as multi-user login and instant transfers between accounts will be available later in 2020.

Although BitMEX remains one of the largest derivative exchanges in the world, many members of the cryptographic community claim that they are losing confidence in it.

According to previous reports, the stock market went offline in March for almost 25 minutes during a crypto blood-bath, many users were not happy about the BitMEX explanation of “a hardware problem with the cloud service provider.” In addition, the derivatives giant must face a new lawsuit in which executives are accused of extorting money, laundering money, banking fraud and transferring money without a license.

Technical Market Outlook:

The ETH/USD pair has retraced 38% of the last wave down and made a new local high at the level of $229. Nevertheless, the is a Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. 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 30, 2020:

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