Technical Analysis of ETH/USD for 20/04/2020:

Crypto Industry News:

Recently there was an interview with co-founder Ethereum and founder Cardano (ADA) Charles Hoskinson. During the interview, he discussed his criticism of the Ethereum platform development.

Hoskinson believes that one of the main reasons for the development of Ethereum was because it depends too much on Vitalik Buterin personally, which means that Ethereum is growing at the speed of development of Vitalik as CEO. According to Hoskinson, this shows that Ethereum is Vitalik's first major project:

"He has never done it before. This is his first company, his first project. He was never a researcher, he was never a CEO."

Another serious criticism that the founder of Cardano has towards Ethereum is the fact that project development plans are too optimistic, which leads to unreal expectations. Hoskinson suggested that there might also be some dishonesty related to the way the project was sold about the fight for ProgPow, as evidenced by an attempt to change the proof of work algorithm as they switch to proof of stake.

Technical Market Outlook:

The ETH/USD pair has made a new local high at the level of $188.86, but this high was made on a Pin Bar candlestick pattern that might indicate a deeper downside correction. So far the bears has manage to push the price towards the level of $176.77, which is the lower boundary of demand zone, but the bulls keeps fighting back. Over the weekend they have pushed the price almost back to the highs and currently are trading in a narrow range close to the top. The market participants await for a decisive breakout in either direction so it is worth to keep and eye on the next develpomnent on the Ethereum market.

Weekly Pivot Points:

WR3 - $240.86

WR2 - $214.90

WR1 - $200.99

Weekly Pivot - $173.55

WS1 - $159.05

WS2 - $132.99

WS3 - $117.12

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.

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