empty
 
 
31.03.2020 10:49 AM
Technical Analysis of ETH/USD for 31/03/2020:

Crypto Industry News:

A consortium of Dutch companies launched the "Tech against Corona" initiative. The participating companies will provide the Dutch government with free access to innovative technologies that can be used to combat COVID-19.

Tymlez, a Dutch DLT technology company, is one of over 10 companies that provide their services and technologies to the government free of charge. The company offered its Blockchain platform as the underlying technology of "modeling the ecosystem of medical goods using a platform tailored to supply and demand." The company's blockchain will be used to ensure transparency throughout the entire supply chain - preventing value extraction, such as phishing, among coronavirus pandemics.

Some other local companies participating in the initiative are a cyber security company, Cybersprint - which provides security services for several hospitals, an information security company, Taxion - which will freely administer online systems to volunteer organizations, and the Compumatica IT company - which will improve the internet connections of working employees in key service sectors.

The Dutch telecommunications company, KPN, will also work with Microsoft to provide computer systems as part of the initiative.

Technical Market Outlook:

The ETH/USD pair did not manage to break through the short-term trend line resistance located at the level of $132 and the price was rejected from this level after down candle was made. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the rejection, but to make this bounce more important, the bulls must break through the level of $132.64 and then through $142.77. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

Weekly Pivot Points:

WR3 - $161.35

WR2 - $151.83

WR1 - $136.71

Weekly Pivot - $127.64

WS1 - $112.54

WS2 - $102.86

WS3 - $88.46

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback