Technical Analysis of ETH/USD for July 2, 2020:

Crypto Industry News:

The European Innovation Council (EIC) has allocated € 5 million to six Blockchain initiatives under the Blockchains for Social Good program. Announcing the news, the EIC noted that the award aims to promote the development of Blockchain in the areas of traceability, fair trade, financial inclusion and a decentralized circular economy.

The awarded startups are the WordProof Dutch content authentication company, the British PPP startup, the Finnish GMeRitS, the UnBlocked Cash Project OXBBU, the French electronic commerce platform CKH2020 and the Italian project PROSUME digital market. All winners presented their projects in open source, which was one of the requirements. This will allow more innovators to use advanced technological solutions developed by winners and other participants.

According to the announcement, since the opening in May 2018, a total of 176 participants have applied for the program. The applications came from 43 countries, of which 19 came from outside the European Union. The program closed on September 3, 2019, and initially aimed to allocate EUR 1 million to five projects in five different areas of social innovation. The EIC eventually decided to finance six projects, extending the scope of the prize to six different areas and dividing it equally, the organization explained.

Technical Market Outlook:

The ETH/USD pair has retraced 50% of the last wave down and made a new local high at the level of $232.20. Nevertheless, the is a another Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. Currently, the market is testing the short-term trend line support around the level of $227, but if the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:

WR3 - $273.84

WR2 - $260.74

WR1 - $240.04

Weekly Pivot - $227.40

WS1 - $206.35

WS2 - $194.36

WS3 - $173.30

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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