Technical analysis of ETH/USD for Sept 27, 2019

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Crypto Industry News:

The Telegram global messaging application has announced a coding competition for the construction of smart contracts for the Blockchain Telegram Open Network (TON).

The competition consists of three parts with a prize pool for all tasks in the range from $ 200,000 to $ 400,000, as announced on Telegram Contests. The competition will end on October 15.

The basic part of the competition is to build one or more smart contracts using the tools provided in the distribution of the TON Blockchain network, as described in the attached TON Contest document. Two other optional tasks include suggestions for improvements to the TON Virtual Machine and FunC and TON Blockchain in the error prize competition, the company said.

According to the details of the competition, Telegram expects the creators of smart contracts to implement at least one of five smart contracts, including a portfolio with multiple signatures, two types of simple TON DNS Resolver smart contracts, a synchronous two-party payment channel and an asynchronous two-party payment channel.

Technical Market Overview:

The ETH/USD pair has hit the low located at the level of $151.85 again, so the market might be forming a Double Bottom price pattern. Nevertheless, 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

Source:: Technical analysis of ETH/USD for 27/09/2019

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