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MT5.com - Technical analysis of Ethereum for 13/06/2019:

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Forex Analysis:::2019-06-13

Technical analysis of Ethereum for 13/06/2019:

Crypto Industry News:

The American payment giant, Visa, launched a cross-border payment network based on certain aspects of Blockchain technology, as reported by financial media.

The network, called "B2B B2B Connect", aims to facilitate international payments made by global financial institutions by enabling direct interbank transactions between enterprises and beneficiaries.

According to the publication, the network already includes 30 trading channels around the world, which will enable faster and cheaper cross-border payments - by the end of 2019, it is expected to expand to 90 markets.

Visa B2B Connect is partly based on Blockchain technology, containing elements of Hyperledger, an open source DLT technology developed by a group run by the Linux Foundation.

The new network is the result of cooperation with the technology giant IBM, as well as the electronic payment provider Bottomline Technologies and FIS. In order to develop the product, Visa reportedly initially cooperated with the manufacturer of Chain cryptographic systems.

Technical Market Overview:

The ETH/USD pair has moved through the technical resistance at the level of $253.09 and hit the 61% Fibonacci retracement at the level of $264.31. This move up has been made in three waves only, so it will be considered as a corrective for now. The most important level from the Elliott Wave theory now is the top at $247.79 as any violation of this level will invalidate the impulsive scenario.

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.

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Sebastian Seliga
Analyst InstaForex
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