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05.06.202008:34 Forex Analysis & Reviews: Technical Analysis of ETH/USD for June 5, 2020:

Crypto Industry News:

Brave Browser, a web browser based on cryptocurrencies, announced that its monthly number of active users has increased by 125% over the past year.

According to the published announcement, at the end of May the number of monthly active Brave Browser users reached 15.4 million. However, the number of daily active users reached 5.3 million after a 165% increase over the past year.

Considering the data from May, approximately 12.32% of all Brave Browser users use the cryptocurrency functions of the software. The company co-founder and CEO Brendan Eich explained:

"When we first released [Brave Browser] on computers, it accounted for 40% of browsers share on desktop computers, and when we added mobile devices, it turned out that people were less inclined to use it, but we're working to make it more attractive to use, making it more convenient. "

Brave Browser is an open source web browser created by Mozilla founder and JavaScript creator Brendan Eich, which focuses on providing better privacy and blocking intrusive ads and trackers. The browser also provides an optional advertising system based on Ethereum Blockchain and the company's proprietary Basic Attention Token (BAT).

Technical Market Outlook:

The ETH/USD pair has been consolidating under the upper channel line, around the level of $241.00 in a narrow zone. The last bounce was quite strong and if bears will not regain the control of the market soon, then the bulls will push the price towards last swing high seen at $253.00. The decreasing momentum supports the short-term bearish outlook for Ethereum. The next target for bears is seen at the level of $217.65 and $215.58.

Weekly Pivot Points:

WR3 - $307.85

WR2 - $277.87

WR1 - $257.91

Weekly Pivot - $226.70

WS1 - $208.30

WS2 - $176.78

WS3 - $157.13

Trading Recommendations:

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. The next key technical support is seen at the level of $174.82.

Exchange Rates 05.06.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2021
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