Technical analysis of Ethereum for 25/04/2019

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Crypto Industry News:

Samsung, the South Korean giant in the electronics industry, may soon complete work on public-private Blockchain with its own cryptocurrency, according to an anonymous source:

” We are currently thinking about private Blockchain, although this is not yet confirmed. In the future, it may also be a public Blockchain, but I think it will eventually be hybrid – it will be a combination of public and private Blockchain “- says the source

The project, which is part of the venture of the company department specializing in Blockchain, aims to create a main net based on Ethereum, along with a new asset called Samsung Coin.

Technical Market Overview:

The ETH/USD pair has been capped after hitting the technical resistance at the level of 177.13, then the price reversed quickly and moved down to the technical support located at the level of 166.53. This support was broken recently as the new low was made at the level of 160.67, just above the technical support at the level of 163.27. Now the level of 166.53 will be acting as a technical resistance for the price. Please notice, that one more sustained breakout of the level of 160.67 would change the bias to more bearish.

Weekly Pivot Points:

WR3 – 198.18

WR2 – 186.32

WR1 – 175.54

Weekly Pivot – 163.96

WS1 – 153.36

WS2 – 141.23

WS3 – 129.71

Trading recommendations:

Daytraders should pay attention to price behavior and a possible breakout higher, through the level of 175.82. After this level is violated, the next resistance is seen at the level of 177.13 and then there is an empty room for a spike upwards towards the recent top of the wave 1/A. Buy stop orders should be used to trade this bullish setup and protective stop loss should be placed as well.

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

Source:: Technical analysis of Ethereum for 25/04/2019

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