Technical analysis of ETH/USD for 12/09/2019

Crypto Industry News:

Mastercard began working with Blockchain R3 to develop a cross-border payment solution.

According to a press release published by Mastercard, both companies plan to pilot a new cross-border payment solution using Blockchain technology. The system will focus on connecting global infrastructure for faster payments, systems and banks.

The announcement is part of Mastercard's plans to strengthen the cross-border payment network, building on the acquisition of the global payment company Transfast, which took place earlier this year. The partnership with R3 is part of the payment giant's strategy, where customers choose the method of transferring funds.

"Developing a new and better solution in the field of B2B cross-border payments by improving global connectivity in the area of the account - the account is key to the ambition of Mastercard. Our goal is to provide global payment and communications infrastructure, as evidenced by our recent strategic acquisitions and partnerships, including our relations with R3, "said Executive Vice President of the new Mastercard payment platforms, Peter Klein.

The partnership builds on previous relationships between the two companies, which also came out publicly earlier this month when Mastercard joined the Corded R3 Marco Polo Network to finance trade.

Technical Market Overview:

The ETH/USD market as the price is still locked inside a narrow horizontal trading zone located between the levels of $172.82 - $183.43. Recently, the price has started to move slightly down again, towards the lower range boundary located at $172.82. 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. The larger time frame trend is still bearish and despite the potential termination of the wave 2 of the higher degree, the market participants still did not make the price to rally significantly.

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