Technical Analysis of ETH/USD for Mar 30, 2020

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Crypto Industry News:

Following a warning from the national supervisory authority this month, UK regional authorities report that cryptocurrency fraudsters are using a coronavirus pandemic to deceive citizens.

In a series of consumer fraud notifications published in March, the City Council of Manchester and the Pembrokeshire and Norfolk counties repeated the Financial Supervision Authority (FCA) warning against “sophisticated” and “opportunistic” pandemic cryptocurrency programs.

Three regional authorities define a number of tactics adopted by cryptocurrency fraud to take advantage of social confusion and fear during the public health crisis.

“Fraudsters pretend to be from research groups claiming to be the Center for Disease Control and Prevention (CDC) and the World Health Organization (WHO). They claim to provide the victim with a list of active infections in their area, but to gain access to this information, the victim must either: click the link that will redirect her to the page stealing credentials, or make a donation for support in the form of a payment to a Bitcoin or Ethereum account, “warns Manchester City Council.

Meanwhile, the FCA emphasized that investment opportunities promising high returns, including investments in cryptographic assets, could again be popular in the current pandemic.

Technical Market Outlook:

The ETH/USD pair has broken below the technical support located at the level of $132.21 and made a new local low at the level of $123.11. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the new local low was made, but to make this bounce more important, the bulls must break through the level of $142.77. In a case of a failure, the lower levels will be tested, like $118.53 and $114.98.

Weekly Pivot Points:

WR3 – $161.35

WR2 – $151.83

WR1 – $136.71

Weekly Pivot – $127.64

WS1 – $112.54

WS2 – $102.86

WS3 – $88.46

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 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 material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of ETH/USD for 30/03/2020:

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