Technical analysis of Ethereum for 07.06.2019

Crypto Industry News:

The European Union has informed Malta that it needs to improve its resources to fight potential financial crimes as a result of the popularity of cryptocurrencies, according to the local Malta Today press.

In a letter to Member States advising on how to spend EU funds, the European Commission pointed out that the growing cryptocurrency sector in Malta is a potential weak link in the fight against financial crime.The financial media summarized the growing cryptocurrency sector in Malta as a potential weak link in the fight against financial crime.

We read that, in addition, there should be dealt with possible conflicts of interest in the government with regard to corruption, and tax obligations should also be re-assessed.

Malta continues its path to creating a marina for cryptocurrency and Blockchain. Some of the largest positions in the industry, including the Binance exchange, have made the country their home under the government plans for the "Blockchain Island".

At the same time, the authorities are trying to master the sector, creating both verification structures and providing information to consumers, such as the risk associated with investing in cryptocurrencies.

Technical Market Overview:

The ETH/USD pair is still being locked inside of the narrow horizontal range, but recently the bulls have started to challenge the local short-term trendline. If the breakout above the trendline is successful, then the next target is seen at the level of $259.66. 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.


The material has been provided by InstaForex Company -