Technical analysis of Ethereum for 06.06.2019

Crypto Industry News:

Brazilian banks will implement a new standardized identification solution based on the Hyperledger Fabric platform.

The identity solution - developed jointly by IBM and the central bank of the country, CIP - is to be integrated with the Brazilian payment system (SPB) - a system used by all banks and financial institutions in the country.

The new Blockchain platform has been reportedly designed to authenticate and verify digital identities for users' bank accounts using information about the mobile phone and SIM card in combination with other personal data from smartphones. The combined data will be used to generate a secure identifier registered on Blockchain, which can be used by the institutions to authenticate the access credentials.

Both IBM and the central bank during an important CIAB Febraban event in the field of banking technologies in Latin America confirmed that on June 11 a new Bank-focused Blockchain platform will be launched. However, they have not officially confirmed all the details of the product.

After launch, the platform is to be the first banking solution for many institutions operated by Blockchain.

Technical Market Overview:

The ETH/USD pair has been trading in a narrow range between the levels of $233.74 - $251.08 for some time now and bulls still did not try to break through the trendline. The whole wave down labeled as 4/(a) might terminate around the level of $228.89 and then it will be labeled as three waves correction ABC or it can continue to evolve into an ABCDE Triangle pattern. Please notice, the price is still trading below the short-term descending trend line resistance as well.

Weekly Pivot Points:

WR3 - $337.31

WR2 - $312.54

WR1 - $290.33

Weekly Pivot - $263.28

WS1 - $241.64

WS2 - $214.59

WS3 - $190.10

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still up. All the local bounces and correction should be treated as another opportunity to open the buy orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal.

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