Technical Analysis of ETH/USD for July 24, 2020:

Crypto Industry News:

China's Supreme People's Court said the country's legal system should strengthen the protection of property rights in digital currencies.

The new Supreme Court guidelines published in the section "Strengthening judicial protection of property rights and rights to capital" state that the legal system should strengthen the protection of new types of property rights, such as digital currencies, online virtual assets and data.

While the court has not elaborated on or provided a definition of "digital currencies", the guideline comes at a time as China is experiencing an increasing number of legal disputes over the ownership of digital assets, including major cryptocurrencies such as Bitcoin and Ethereum.

Previously, legal decisions were made by provincial and municipal courts in China, where digital currencies such as Bitcoin were treated as virtual real estate. This is the first time the country's highest judicial authority has addressed this issue.

The guidelines were published by the Supreme People's Court together with the National Development and Reform Commission (NDRC).

The NDRC is China's most important economic planning agency and one of the 26 cabinet-level ministries that make up the central government, namely the Council of State.

The opinion was issued in response to earlier guidance from the State Council in May calling for acceleration of improvements in the Chinese socialist market economy. The Supreme Court's guidelines reflect the opinion of the legal system at the highest level regarding judicial services and protection.

Technical Market Outlook:

The ETH/USD pair has been continuing the impulsive wave up and made another big up candle with the high at the level of $279.74. The bears has made a local pull-back and are pushing the ETH/USD up again. The nearest technical support is seen at the level of $259.81, but the key technical support is located between the levels of $252.03 - $248.86. The momentum is still positive abd strong, so the Ethereum bulls can still attack the next target seen at the level of $288.01, which is the high from February 2020.

Weekly Pivot Points:

WR3 - $258.07

WR2 - $250.97

WR1 - $242.31

Weekly Pivot - $235.59

WS1 - $227.18

WS2 - $291.82

WS3 - $211.48

Trading Recommendations:

The volatility on Ethereum is now lower than usual, so all the dynamic moves up and down might reverse quickly. 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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