Crypto Industry News:

The average daily transaction value on the Ethereum platform equaled the values in the Bitcoin network.

From 12.04, the total value of assets transferred in one day to the Ethereum network began to compete with the results in the Bitcoin network. We are talking about the value of the transaction at the level of about USD 1.5 billion. The value transmitted to the Ethereum network includes both Ether (ETH) as well as the stablecoins supported by this blockchain - in particular Tether (USDT).

Ethereum beats Bitcoin in transactions per second. This is not the first indicator in which Ethereum beat Bitcoin. Transactions of the Bitcoin network per second (TPS) reached the highest level of 4.7 during the bull market at the end of 2017. Currently the indicator is falling. From March 12, the network processes almost three transactions per second.

Technical Market Outlook:

The ETH/USD pair has plunged towards 38% Fibonacci retracement located at the level of $195.94. Moreover, the short-term trend line support has been violated as well and the price is testing the technical support at the level of $193.78. Nevertheless, the price bounced from lows seen at the level of $193.78 and is currently trying to test the trend line from below. The weak and negative momentum supports the short term outlook towards the next support located at $188.86 or even towards 50% retracement at $186.72.

Weekly Pivot Points:

WR3 - $296.61

WR2 - $243.36

WR1 - $224.05

Weekly Pivot - $205.69

WS1 - $188.49

WS2 - $168.64

WS3 - $150.80

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 $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.