Technical analysis of ETH/USD for 10/09/2019

Crypto Industry News:

The South Korean electronics giant, LG, is working with Blockchain programmers to launch its rival to Samsung's Blockchain smartphone.

LG has already talked to local developers of decentralized applications (DApp) and developed a case of use of its future product.

Messages appear a week after reports that the Korean Kakao Corp messaging service. is preparing to introduce the Blockchain function in the upcoming Samsung Galaxy Note 10 smartphone.

The device, named Klaytn Phone, will receive a wallet and a free sample of KLAY, a token developed by GroundX.

The newest of the growing number of smartphones with cryptocurrency support may have a domino effect, said another official representative for Chosun. LG's move would not be devoid of character in a highly competitive consumer market.

"I think Samsung is trying to prepare differently in the Blockchain field, just like LG reacted with a double screen when Samsung Galaxy came out with a folding phone," they said.

It is not known whether the future LG offer will be available worldwide. Klaytn will only be available on the South Korean domestic market.

Technical Market Overview:

The ETH/USD pair has made a new local high at the level of $186.62 after the test of the trendline has been successful. For now the price is locked inside a narrow horizontal trading zone located between the levels of $175.25 - $183.43, but in order to regain control of the market, the bulls will have to make a new swing high again and head towards the level of $193.52 in an impulsive fashion, otherwise, the bears might push the prices lower towards the support at $172 and $164.81 again.

Weekly Pivot Points:

WR3 - $207.64

WR2 - $195.13

WR1 - $188.15

Weekly Pivot - $176.09

WS1 - $169.04

WS2 - $156.97

WS3 - $149.69

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

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