Technical Analysis of ETH/USD for 02/04/2020:

Crypto Industry News:

The digital payments giant PayPal has published a new job offer in which the company is seeking to hire a director of anti-money laundering strategy (AML) and Blockchain in its branch Global Financial Crimes (GFC).

According to the company, the new director - operating from New York - will be responsible for assessing the use of Blockchain to prevent financial crimes such as money laundering and terrorist financing, overseeing the entire AML process.

The post also specifies that an ideal profile must focus on the company's capabilities related to Blockchain in terms of strengthening the company's risk department.

PayPal explained that this role is to regularly review AML-related reports to identify and oversee key trends within the Blockchain portfolio by implementing it according to the company's needs.

PayPal requires that the person previously occupy a position in a finance company using Blockchain technology with a thorough understanding of the risks associated with cryptocurrencies, along with experience in AML compliance or law enforcement.

This is not the first time the digital payments giant has expressed interest in the Blockchain and cryptocurrency environment. On November 19, 2019, reports appeared that PayPal had conducted a $ 4.2 million funding round for TRM Labs, which is a cryptocurrency management platform.

Technical Market Outlook:

The ETH/USD pair has made a new local high after a pull-back towards the level of $128.27. This level will now act as a support for the price, so it is worth to notice, if you are looking for an intraday support. Ethereum is trying to continue rally after the breakout with a target located at the level of $147.22. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

Weekly Pivot Points:

WR3 - $161.35

WR2 - $151.83

WR1 - $136.71

Weekly Pivot - $127.64

WS1 - $112.54

WS2 - $102.86

WS3 - $88.46

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.


The material has been provided by InstaForex Company -