Technical Analysis of ETH/USD for June 15, 2020:

Crypto Industry News:

Estonia, one of the EU's friendliest countries in relation to cryptocurrencies, will withdraw licenses from hundreds of companies operating in the crypto industry. According to the media, this is the government's response to the $ 220 billion money laundering scandal.

Estonia was one of the first countries in the European Union to grant licenses to crypto companies. However, the country was forced to withdraw them after detecting hundreds of billions of dollars of dirty money in the Estonian branch of the largest Danish bank - Danske Bank A / S. This event put Estonia at the center of Europe's largest money laundering scandal.

Despite the fact that Danske Bank A / S's activities came to light already in 2018, they have not yet been settled. The case is complicated because one of the main people involved in the whole deal, who was responsible for the transaction, committed suicide.

The Estonian branch of Danske Bank was to process hundreds of thousands of transactions for people who were not residents of the European Union in the years 2009-2015. Most of his clients were names from the former Soviet Union.

Madis Reimand, head of Estonia's financial analytical unit, revealed that regulators suspect that licensed cryptocurrency companies are abusing their Estonian fraud rights elsewhere.

Therefore, more than 500 companies - which is about 1/3 of all cryptocurrency companies - that have not started operations in Estonia within six months of obtaining the license, have their licenses withdrawn.

"This is the first step in ordering the market that will allow us to deal with urgent matters, allowing only companies that may be subject to Estonian supervision and coercive measures."

- said Madis Reimand.

Technical Market Outlook:

The ETH/USD pair has failed to rally higher towards $250 and is currently testing the lower main channel boundary from below. Any violation of this line will likely make the level of $217.65 a temporary low for the market. The next technical support is seen at the level of $217.65 and $209.89. The nearest technical resistance is still seen at the level of $235.42. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - $269.64

WR2 - $259.20

WR1 - $244.61

Weekly Pivot - $234.84

WS1 - $219.79

WS2 - $210.55

WS3 - $195.77

Trading Recommendations:

The larger time frame trend on Ethereum remains down and as long as the level of $288 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 next key technical support is seen at the level of $174.82.


The material has been provided by InstaForex Company -