Technical analysis of ETH/USD for 30.05.2019

Crypto Industry News:

Another global corporation: AT & T, decided to accept payments in cryptocurrencies. Customers can pay bills using BitPay, which offers two main cryptocurrencies: Bitcoin and Bitcoin Cash.

AT & T is one of the largest telecommunications companies in the world. The company is listed on the NYSE Stock Exchange. AT & T was founded on March 3, 1885,to create a nationwide telephone network.

AT & T has been the world's largest telephone services provider and the largest cable television network for some time. In his laboratories (Bell Labs), among others, Unix operating system, programming languages: C, C ++ and AWK, as well as an transistor. Eleven employees of this corporation received the Nobel Prize.

Acceptance of cryptocurrencies by such a large company as AT & T with many years of tradition is a clear sign that the need for cryptocurrency adoption has recently grown significantly.

Technical Market Overview:

The ETH/USD pair has broken out of the consolidation and made another higher high at the level of $285 at the time of writing the article. According to the Elliott Wave point of view, this is the wave (5) to the upside and the target is seen at the level of $304. The level of $263.42 is now the key short-term technical support for bulls and any breakout below this support will indicate the top is in place.

Weekly Pivot Points:

WR3 - $321.20

WR2 - $292.77

WR1 - $283.99

Weekly Pivot - $254.33

WS1 - $241.65

WS2 - $213.82

WS3 - $203.55

Trading Recommendations:

The best trading strategy in the current market conditions is to buy the local pull-back as wave 4 is in progress in anticipation of the wave 5 to the upside. On the other hand, any violation of the level of $226.17 will accelerate the sell-off towards the next technical support at the level of $212.12.

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The material has been provided by InstaForex Company - www.instaforex.com