Technical analysis of ETH/USD for Mar 17, 2020

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Crypto Industry News:

While in most cryptocurrencies there has been a reduction in their market capitalization over the past month, the market collapse has caused stablecoins to climb in market capitalization rankings. Six stablecoins are currently among the 50 largest cryptographic resources in terms of capitalization.

The largest stablecoin in terms of size, Tether (USDT), is currently the fourth largest cryptocurrency with a market capitalization of $ 4.66 billion. Despite a total USDT market growth of only 0.5% in four weeks, Tether has climbed the ladder from seventh place in the capitalization ranking since February 15.

However, due to the sharp fall in the prices of the assets traded in USDT, the volume of Tether fell by 20% from 48 to 60 billion dollars in the same period.

The USD Coin Circle (USDC) has made significant progress over the past month, rising from 30th place with a capitalization of $ 430 million to take 17th place with a market capitalization of $ 601.5 million today.

Jeremy Allaire, co-founder and CEO of Circle, went on Twitter to celebrate a 40% increase in USDC capitalization over the past month, stating:

“USDC is growing rapidly in recent days, reaching a new ATH at $ 568 million in circulation. It is fascinating watching” escape to a safe place “on the macro cryptocurrency market, but also the demand for high-quality USD liquidity for markets. Although observing such collapsed markets is not it is so exciting, still satisfying, that this completely new, completely digital Blockchain-based monetary infrastructure works. ”

Technical Market Overview:

The bears are in full control over the ETH/USD market and the pair keeps trading inside of the narrow horizontal range. The bulls, however, had managed to push the price back into the descending channel, but the technical resistance located at the level of $134.12 was too strong for the breakout. Currently, the market is trading around the level of $116, way below the level of $124.00 which is short-term technical resistance. The technical support is located at the level of $100.00. The last low was made at the level of $89.01 and might be soon visited again.

Weekly Pivot Points:

WR3 – $312.98

WR2 – $261.92

WR1 – $190.92

Weekly Pivot – $137.43

WS1 – $68.38

WS2 – $14.40

WS3 – $1

Trading Recommendations:

All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 17/03/2020:

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