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Technical Analysis of ETH/USD for Mar 31, 2020
Crypto Industry News:
A consortium of Dutch companies launched the “Tech against Corona” initiative. The participating companies will provide the Dutch government with free access to innovative technologies that can be used to combat COVID-19.
Tymlez, a Dutch DLT technology company, is one of over 10 companies that provide their services and technologies to the government free of charge. The company offered its Blockchain platform as the underlying technology of “modeling the ecosystem of medical goods using a platform tailored to supply and demand.” The company’s blockchain will be used to ensure transparency throughout the entire supply chain – preventing value extraction, such as phishing, among coronavirus pandemics.
Some other local companies participating in the initiative are a cyber security company, Cybersprint – which provides security services for several hospitals, an information security company, Taxion – which will freely administer online systems to volunteer organizations, and the Compumatica IT company – which will improve the internet connections of working employees in key service sectors.
The Dutch telecommunications company, KPN, will also work with Microsoft to provide computer systems as part of the initiative.
Technical Market Outlook:
The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 and the price was rejected from this level after down candle was made. 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 rejection, but to make this bounce more important, the bulls must break through the level of $132.64 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.
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
