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Technical analysis of ETH/USD for Sept 25, 2019
Crypto Industry News:
An IT company in Armenia has been accused of illegal electricity consumption and using it to mine cryptocurrencies.
On September 21, in an announcement by the Armenian National Security Service, the organization accused an IT company of illegal mining of cryptocurrencies at a hydroelectric power plant. A state agency has reported that an IT company has installed cryptocurrency mining equipment at one of the hydroelectric power plants operating in Armenia, resulting in illegally consuming 1.5 kilowatt-hours of electricity – worth over $ 150,000 – in 1.5 years.
Earlier in September, information appeared that regulators in the Autonomous Province of Inner Mongolia issued a notice demanding the closure of companies mining cryptocurrencies in the province.
Several departments in Inner Mongolia have identified the need to rectify the mining industry in the province. The listed organizations were the Committee on Development and Reform, the Department of Public Security, the Office of the Ministry of Industry, the Financial Office and the Big Data Office.
Technical Market Overview:
The ETH/USD pair has invalidated the bullish impulsive scenario after the level of $162.78 has been broken. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.
Weekly Pivot Points:
WR3 – $261.09
WR2 – $242.26
WR1 – $225.12
Weekly Pivot – $205.85
WS1 – $188.31
WS2 – $169.05
WS3 – $152.55
Trading recommendations:
Due to the short-term impulsive scenario invalidation, 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
