Technical analysis of ETH/USD for Mar 9, 2020

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Crypto Industry News:

The Chain Integration Pilot (CHIP) from Auburn University RFID Lab in Alabama has published official documentation that aims to demonstrate the savings in Blockchain technology that can be achieved in the modern supply chain.

This concept was designed to receive, encode, distribute and store serialized data from multiple points throughout the supply chain at Hyperledger Fabric. The pilot collected live data from the brands Nike, PVH Corp. and Herman Kay and major US retailers, Kohl and Macy.

CHIP was launched in 2018 and claims to be the first supply chain project that integrates information extracted from RFID tags into the Blockchain network.

The project reported data on 223,036 goods loaded into a distributed register. Only 1% of data entries were sent by stores, with 87% of the data coming from distribution centers and the remaining 12% coming from the coding site.

In this regard, CHIP stated that Blockchain is a functional solution to problems with serialized data exchange in the supply chain. The report states that participating companies “were able to record transactions containing serialized data in a common language and share this data with relevant trading partners.”

The article indicates “a huge number of errors and inefficiencies in currency supply systems,” estimating that eliminating counterfeiting and shrinking the supply chain could unlock $ 181 business opportunities.

In contrast, the article claims that pre-existing exchange networks are built for “outdated internet technologies” and are not suitable for handling the massive amount of serialized data that is generated in the modern supply chain. ”

The team points to the lack of an “effective, industry-specific solution for exchanging serialized data between business partners,” despite the introduction of data such as RFID tags and QR codes over a decade ago.

In addition, the report claims that previous attempts to integrate infrastructure to collect mass information throughout the entire supply chain have been “limited by the industry’s inability to share serialized data.”

Technical Market Overview:

The ETH/USD pair has been falling lower during the weekend after the bears have managed to break out from the parallel channel range and all the technical support levels had been violated. Currently, Ethereum trades around the level of $200 after the swing low has been made at the level of $196.61. There is no sign of the downtrend reversal despite the oversold market conditions. The next target for bears is seen at the level of $190.00.

Weekly Pivot Points:

WR3 – $280.41

WR2 – $266.81

WR1 – $233.00

Weekly Pivot – $218.78

WS1 – $185.21

WS2 – $170.40

WS3 – $159.54

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 09/03/2020:

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