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Technical analysis of ETH/USD for Nov 25, 2019
Crypto Industry News:
A new fund has been created to prevent the EU from being lagging behind countries such as the US and China in blockchain innovation and artificial intelligence (AI).
The European Investment Fund (EIF) and the European Commission jointly spent EUR 100 million on a special investment program that will make capital available for AI and Blockchain projects through VC funds or other investors.
After implementing the fund, the EIF said that private investors are expected to contribute up to EUR 300 million to the fund, with this sum likely to increase next year when national promotional banks can co-invest under the program.
According to this entry, the EU on Blockchain is already spending quite a lot (projected expenditure for 2019 is $ 674 million), with the funds mainly focused on research and concept verification. The United States spends the most, with an expected spending of $ 1.1 billion, and China comes second with $ 319 million, according to data from the International Data Corporation.
The new fund aims to remedy that little is spent in the EU on developing ‘larger-scale projects’.
“Investing in the portfolio of innovative AI and Blockchain companies will help develop a dynamic EU-wide investor community in AI and Blockchain. By engaging national promotional banks, we can increase the volume of investment at the national level,” said EIF.
Technical Market Overview:
The ETH/USD pair has broken below the technical support (now technical resistance) located at the level of $152.28 and made a new lower low at the level of $130.72. The down move continues and there is no sign of reversal yet. The downside momentum is now increasing and the next target for bears is seen at the level of $120.00.
Weekly Pivot Points:
WR3 – $213.59
WR2 – $198.67
WR1 – $165.68
Weekly Pivot – $151.03
WS1 – $118.96
WS2 – $103.42
WS3 – $72.28
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
