Previous Story
Technical analysis of ETH/USD for Mar 11, 2020
Crypto Industry News:
Weiss Ratings claims that Ethereum is the driving force behind the development of the entire modern cryptocurrency industry. Why? It’s about how the project affects the foundation of the market. Most of the current important initiatives, including Tron, EOS and many others, were initially built on Ethereum.
Weiss Ratings also indicates that Ethereum blockchain and Ether tokens are important elements that are good both for building projects (blockchain) and are ideal for trading (of course, tokens):
“We’ve noticed that people call ETH fiat money, praising governments for their efforts to introduce their own digital currencies author. At the moment ETH is the main project developing our industry. Whether you want to build on it or trade on it, ETH is where it is”.
Earlier this week, the Santiment analytics agency released data showing that whales on the cryptocurrency market began buying the second-largest cryptocurrency. The 100 largest wallets in the Ethereum network are beginning to swell again.
Thus, many investors expect the price of Ethereum token to rise to new peaks this year – mainly due to the rapid development of decentralized Ethereum-based applications and the amount of ETH blocked in them.
Technical Market Overview:
No major rally has occurred yet on the ETH/USD pair. The market still trades around the level of $200 after the swing low has been made at the level of $190.31. There is no sign of the downtrend reversal despite the oversold market conditions, but the bulls are trying to bounce higher towards the level of $209.00. The next target for bears is seen at the level of $188.93 and $185.37.
Weekly Pivot Points:
WR3 – $280.41
WR2 – $266.81
WR1 – $233.00
Weekly Pivot – $218.78
WS1 – $185.21
WS2 – $170.40
WS3 – $159.54
Trading Recommendations:
The larger timeframe wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.
The material has been provided by InstaForex Company – www.instaforex.com
