Technical Analysis of ETH/USD for June 18, 2020:

Crypto Industry News:

The Venezuelan government has announced that almost 15% of all fuel payments at gas stations across the country are made using Petro (PTR). This increase occurs in the first week of a new state-supported plan to promote widespread token use. According to the Ultimas Noticias report, 40% of PTR transactions went through foreign stations.

The adoption of Petro will strengthen the balance and approval of value between the primary and secondary market, "allowing the construction of an economic and stable structure of the cryptographic environment in the country."

Citizens used biometric solutions to process payments secured with oil token via gas stations in Venezuela. An article in local media, which is favorable to President Maduro, assures readers that Petro himself "has set an unprecedented milestone," as allegedly the first crypto used by seniors in the world. This claim appears despite orders issued by US President Donald Trump to sanction the use of the Venezuelan token.

Technical Market Outlook:

The ETH/USD pair is still hovering around the lower channel line. The technical resistnace located at the level of $235.42 has been too strong for bulls and new local low was made after the failed rally. 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.

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