Technical analysis of ETH/USD for 06/03/2020:

Crypto Industry News:

China's Ministry of Education has just given permission to Chengdu University of Information Technology (CUIT) to open the country's first engineering faculty with Blockchain. Admission and registration will start this year, Chinanews says.

The first Blockchain engineering project in China aims to keep up with the ever-changing changes in the social economy and social informatization. The most important thing is to provide training for technical talent to meet the needs of the Blockchain industry.

Course design is designed to equip students with the skills of Blockchain system design, project management and implementation. The program will allow future Blockchain specialists to acquire skills in information and technology, basic Blockchain technology theory and methods for developing Blockchain projects.

Recently, reports have appeared that China has turned to Blockchain technology for medical data management, tracking virus supply materials and consulting public opinion to fight coronavirus. The Beijing tax office also officially announced that it will start blockchain invoicing in the city on March 2.

Technical Market Overview:

The ETH/USD pair has managed to hit the key technical resistance zone located between the levels of $235.42 - $238.68 on increased momentum. Nevertheless, the price is still trading inside of the horizontal channel, so the bulls must break through the technical resistance zone in order to move even higher as the upper boundary of the channel is seen at the level of $244. The immediate support is seen at the level of $234.24 and if violated, then the Ethereum is most likely back to the horizontal range.

Weekly Pivot Points:

WR3 - $315.76

WR2 - $294.92

WR1 - $247.66

Weekly Pivot - $227.96

WS1 - $180.28

WS2 - $159.27

WS3 - $113.10

Trading Recommendations:

The larger timeframe wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.

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