Technical analysis of ETH/USD for Mar 4, 2020


Crypto Industry News:

The organizers in Paris postponed the date of a local blockchain event because of a coronavirus outbreak.

According to the announcement, the Paris Blockchain Week summit – initially scheduled to take place from March 31 – April 1 – is now expected to take place from December 9-10.

The organizers postponed the event due to recent guidelines issued by the French government that prohibit large gatherings that could increase the extent and severity of the coronavirus outbreak.

The announcement stated that the conference would go as expected and that the place, schedule and configuration would remain the same. In addition, the organizers promised that more speakers would join the list of events.

Speakers to participate in the event include, among others CEO and co-founder of the Binance cryptocurrency exchange, Changpeng Zhao, as well as French Finance Minister Bruno Le Maire, founder and CEO of Parity Technologies Jutta Steiner, investment director of Coinshares Meltem Demirors, co-founder of Messari and CEO of Ryan Selkis.

Technical Market Overview:

Ethereum has broken above the short-term trendline resistance and is keeps trading in a narrow range located between the levels of $212.48 – $235.42. No relief rally has been made so far on ETH/USD because any rally attempt is being capped very quickly by bears. The downward momentum is increasing, 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 –

Source:: Technical analysis of ETH/USD for 04/03/2020:

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