Technical analysis of Ethereum for 11/06/2019:

Crypto Industry News:

The president of the US Securities and Exchange Commission Jay Clayton said that the regulator must feel comfortable in connection with the supervision of cryptocurrencies and ensure that no manipulation on the market could take place before approving the ETF cryptographic fund. Clayton made his comments during an interview with one of the financial television.

When Clayton was asked if an ETF based on a cryptocurrency package could be released in the United States, he said that the SEC is currently working to make this possible. However, he still remarked that various problems must be resolved before the ETF cryptocurrency is approved, starting with care: "We deal with this, but there are a few things that we need to feel comfortable with. The first is care: care is a long-term requirement in our markets".

Another important SEC problem is the alleged lack of robust preventive measures to manipulate the market. Clayton's views clearly contrast with the views expressed earlier this week by commissioner SEC Hester Peirce, who calls for a less cautious approach to innovation in the ETF space on the regulator's side.

Technical Market Overview:

The ETH/USD pair has bounced from the technical support at the level of $226.17 and broke through the trendline on its way up. Nevertheless, the traders should be extra careful here as the corrective structure ha snot been completed yet. From the Elliott Wave point of view, the market is ready to make another wave down, which will be labeled as the wave (c) of the overall corrective structure. The first target for this wave is seen at the level of $212.19.

Weekly Pivot Points:

WR3 - $291.72

WR2 - $280.83

WR1 - $249.36

Weekly Pivot Point: $237.71

WS1 - $207.19

WS2 - $196.25

WS3 - $166.76

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.

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