Technical analysis of Ethereum for 16/05/2019:

Crypto Industry News:

eBay denied rumors that it would start accepting cryptocurrency as a payment method. Speculation has been growing since the e-commerce giant has posted advertisements at the Consensus conference in New York.

It was suggested that the increase in cryptographic prices this week, which occurred without explanation, was associated with hopes that eBay was preparing to accept the crypto. Considering the fact that the online auction site is the largest market in the world, such a step would be a milestone in the industry's drive to accept cryptocurrencies: "Cryptocurrency is not accepted as a payment method on the eBay platform nor is it part of our payment strategy "- eBay spokesman said.

eBay now has a section called "Virtual Currency" where people can use traditional money to buy crypto from sellers.

Technical Market Overview:

The ETH/USD pair has made another wave up and the new swing high was made at the level of 271.68 so far, so the Elliott Wave scenario has been updated. The new scenario assumes the impulsive move up has not been completed and there is plenty of room to the upside as the market is still making the wave (3) of the lower degree. The momentum increased significantly as this is typical for wave three. The next target is seen at the level of $317.20. No sign of any correction in wave 4 yet.

Weekly Pivot Points:

WR3 - $255.44

WR2 - $227.68

WR1 - $210.10

Weekly Pivot - $184.14

WS1 - $165.18

WS2 - $137.00

WS3 - $119.84

Trading Recommendations:

The market is still making the wave three of the overall impulsive structure, so the best trading strategy for daytraders is to open the buy orders during the local pull-backs to trade the corrective move towards the technical support levels. Any violation of the technical support at the level of $190.95 will invalidate the bullish impulsive scenario.


The material has been provided by InstaForex Company -