Technical analysis of Ethereum for 02.05.2019:

Crypto Industry News:

According to the published advertisement, Amazon Web Services (AWS), a subsidiary of Amazon's cloud computing giant, has made its Amazon Managed Blockchain (AMB) package generally available.

This product allegedly allows customers to establish a Blockchain network in their organizations and uses the open Ethereum and Hyperledger structures. Amazon particularly emphasizes that AMB can scale to handle thousands to millions of transactions.

The company claims that the Blockchain-as-a-Service (BaaS) service will enable companies to create their own networks faster and cheaper because they eliminate the need to "provide hardware, install software, create and manage access certificates"

Technical Market Overview:

The ETH/USD pair has tested the technical support located at the level of 165.45 and bounced off it again. The bounce is quite shallow for now because the recent local high at the level of 172.00 ha snot been violated yet, as per the Elliott wave scenario. The top of the wave c might be now in place, but to confirm this, the bears must push the price below the level of 165.46 so the sell-off could accelerate.

Weekly Pivots:

WR3 - 204.74

WR2 - 190.50

WR1 - 176.25

Weekly Pivot: 160.51

WS1 - 146.54

WS2 - 132.16

WS3 - 116.96

Trading recommendations:

There is no good setup to trade this pair right now, so all traders should stay aside and wait for better trading conditions.


The material has been provided by InstaForex Company -