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Technical analysis of Ethereum for June 12, 2019:
Crypto Industry News:
According to the published press release, Nasdaq, the second largest stock exchange in the world, and the CryptoCompare cryptographic data provider, have established a cooperation aimed at introducing a cryptocurrency valuation product targeted at institutional investors.
The new product, named “Nasdaq / CryptoCompare Aggregate Crypto Reference Prices”, will be made available on the Nasdaq Quandl platform – which provides financial and economic alternative data sets for over 400,000 financial professionals around the world.
Nasdaq-CryptoCompare will be based on cumulative CryptoCompare data sets that provide minute price data from those cryptocurrency markets that have the highest liquidity.
The fruit of cooperation aims to increase the opportunities of institutional investors in cryptographic markets, through “trading strategy, quantitative research, risk modeling, NAV calculations and historical verification,” reads the release.
In an official statement, CryptoCompare’s CEO and co-founder, Charles Hayter, argued that reliable data is the foundation of transparent, liquid markets and can offer global competitive institutional investors and traders a competitive advantage in the cryptographic sector.
At the end of 2018, Nasdaq confirmed its plans to introduce Bitcoin contracts in the first half of 2019, after postponing the previously planned implementation.
Technical Market Overview:
The ETH/USD pair has tested the short-term trendline support around the level of $235.00 and bounced from it towards the nearest technical resistance located at the level of $251.08. So far this resistance ha snot been hit, but it looks like a matter of time. Anter this level is cleared, the next target for bulls is the old wave (b) top at $253.09.
Weekly Pivot Points:
WR3 – $291.72
WR2 – $280.83
WR1 – $249.36
Weekly Pivot Point: $237.71
WS1 – $207.19
WS2 – $196.25
WS3 – $166.76
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.
The material has been provided by InstaForex Company – www.instaforex.com
