Technical analysis of ETH/USD for Mar 2, 2020

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Crypto Industry News:

Hong Kong Financial Secretary Paul Chan said his administration will strengthen its anti-money laundering (AML) and anti-terrorism (CTF) policies on cryptocurrency.

In his last budgetary speech, Chan pointed out that the amendments would concern recommendations made by the global financial supervisory authority, the Financial Action Task Force (FATF).

The FATF assessed that Hong Kong largely complied with the AML / CTF guidelines after the September 2019 assessment. As a result of the assessment, Hong Kong became the first jurisdiction in the Asia-Pacific region to pass the FATF assessment.

The proposed changes in anti-money laundering and terrorist financing policies in Hong Kong have been presented as part of the government’s budget for 2020-2021 and will be implemented after a period of public consultation.

Chan pointed out that the changes will mainly affect cryptocurrency exchanges and money transfer service providers, adding that detailed proposals will be published this year. Precious metals, stones and jewelry investors will also be covered by the new AML / CTF structure.

The Financial Services Regulatory Authority, one of the three global market regulators in Abu Dhabi (ADGM), announced changes to its cryptography regulations. The changes include changing the term “cryptographic resource” to “virtual resource” in order to adapt it to the FATF vocabulary.

ADGM will also expand the regulatory category “Conducting Cryptographic Asset Activities” to include other regulated cryptographic activities, including fiduciary services, trading platform and investment transactions.

Abu Dhabi and Hong Kong include the latest jurisdictions that update cryptography regulations in response to recent FAFT directives, in accordance with South Korea, Singapore and Switzerland.

Technical Market Overview:

The ETH/USD pair has been trading close to the recent lows all the weekend and the bearish pressure is still visible on the market. Ethereum stays below the short-term trendline resistance and is keeps trading in a narrow range located between the levels of $212.48 – $235.42. The downward momentum is decreasing, but is still weak and negative, so another wave down can occur soon. The next target for bears is seen at the level of $200 and below at $196.61.

Weekly Pivot Points:

WR3 – $315.76

WR2 – $294.92

WR1 – $247.66

Weekly Pivot – $227.96

WS1 – $180.28

WS2 – $159.27

WS3 – $113.10

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

Source:: Technical analysis of ETH/USD for 02/03/2020:

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