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Technical analysis of Ethereum for 03.06.2019
Crypto Industry News:
The Australian Securities and Investment Commission (ASIC) published the new official guidelines for the initial coins offer (ICO) and cryptocurrencies on 30th May.
The regulator specified the preconditions that a cryptocurrency company must meet to comply with both Australian regulations and ASICs, but did not include provisions enforced by other national institutions. In particular, the guidelines indicated that if a cryptographic component is a financial product, then the issuer and the companies that deal with it must have an Australian license for financial services.
The regulator also noted that entities and their advisers must take into account all the rights and characteristics of ICO (regardless of how it is named and sold) in determining whether a cryptographic component is a financial product or a financial product. The report also stipulates that stock exchanges managing such assets will also have to have a license.
Finally, ASIC also noted that the Know Your Client and Anti-Money Laundering standards apply to cryptographic assets, as is Australian consumer law, including cases where assets are issued or managed from abroad.
Technical Market Overview:
The ETH/USD pair has been trading inside of a narrow consolidation zone located between the levels of $259.44 – $275.25 since the end of May and have not moved higher or lower yet. This price behavior might be a part of wave 4, which is still in progress as there is only one wave down made (most possibly wave (A) of the overall corrective cycle). Any breakout below the technical support at $259.44 will accelerate the sell-off towards the level of $239.03.
Weekly Pivot Points:
WR3 – $337.31
WR2 – $312.54
WR1 – $290.33
Weekly Pivot – $263.28
WS1 – $241.64
WS2 – $214.59
WS3 – $190.10
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal.
The material has been provided by InstaForex Company – www.instaforex.com
