Technical analysis of Ethereum for 13/05/2019

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Crypto Industry News:

The US Department of Justice has issued an indictment containing fifteen charges against the community hacker group responsible for stealing cryptocurrencies through SIM-swap.

US Attorney General Matthew Schneider and his colleague from the US immigration and customs office Angie Salazar have filed charges in the east of Michigan. On behalf of Salazar, the investigation was conducted by investigators of the Department of Homeland Security on two continents.

According to an indictment, five Americans and an Irishman are accused of conspiracy to commit fraud, embezzlement and identity theft. Another three people who are reportedly former employees of mobile operators are accused in a criminal case regarding fraud related to The Community.

Technical Market Overview:

The ETH/USD pair has made a new higher high at the level of 202.38 and it was labeled as the top for the wave 1. This means the market should now start the corrective cycle towards the next important technical support located at the level of 181.57 or even at 179.48. When the corrective move down is completed, the market should start the wave 3 to the upside.

Weekly Pivot Points:

WR3 – $255.44

WR2 – $227.68

WR1 – $210.10

Weekly Pivot – $184.14

WS1 – $165.18

WS2 – $137.00

WS3 – $119.84

Trading Recommendations:

The market has started the corrective cycle after the rally has been done, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. Any violation of the technical support at the level of $184.31 will accelerate the sell-off towards the next technical support at the level of $179.48.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of Ethereum for 13/05/2019:

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