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MT5.com - Technical Analysis of ETH/USD for September 8, 2020

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Forex Analysis:::2020-09-08

Technical Analysis of ETH/USD for September 8, 2020

Crypto Industry News:

With online payments company Wirecard going through bankruptcy this month, major financial services such as VISA, PayPal and Mastercard are in a rush to fill the digital payment void and be among the first to offer cryptographic cards payments, experts in the crypto industry have found.

During a media interview, Jerry Chan, CEO of blockchain service provider TAAL, and Rod Hsu, president and co-founder of the Coincurve virtual currency platform, agreed that competition may be just what the industry needs to change the way digital currencies are used as a method payments.

But Chan goes beyond the need for universal cryptocurrency awareness and points out that blockchain can make payment services even more efficient:

"The payment technology is already quite efficient. (...) Credit cards prevent fraud, and this insurance cost is borne by merchants and their banks. Blockchain platforms that are transparent, immutable, and do not support coin mixing or concealment technologies such as Bitcoin SV, can largely eliminate fraud, thus reducing costs for sellers. "

Hsu of CoinCurve also added that the current payment ecosystem has different roles in this process. This includes clearing houses, banks or intermediaries of payment service providers and increases fees and the efficiency of settlement.

Technical Market Outlook:

After the ETH/USD pair has been capped at the level of $355.24, the bears took control of the market and push it down again. Since then the market is locked in a narrow trading range located between the levels of $316.21 - $362.60 as it awaits the breakout in either direction. The nearest technical resistance is seen at the level of $362.60, $369.37 and $375.62. The nearest technical support is seen at the level of $305.20. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:

WR3 - $614.65

WR2 - $551.18

WR1 - $435.26

Weekly Pivot - $373.02

WS1 - $258.25

WS2 - $194.29

WS3 - $78.24

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

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Sebastian Seliga
Analyst InstaForex
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