Technical Analysis of ETH/USD for July 30, 2020:

Crypto Industry News:

Cellebrite has released a new cryptocurrency tracking tool that gives law enforcement and analysts the ability to track illegal crypto transactions. This tool was named "Cellebrite Crypto Tracer". The new offering is powered by CypherTrace and aims to track the illegal crypto world involved in money laundering, terrorism, drugs, human trafficking, arms sales, and ransomware programs.

The toolkit will be available to investigators, analysts, and non-technical agents who wish to legally obtain evidence and track criminals who use cryptocurrencies like Bitcoin via the darknet. Citing data from an Oxford University study, Cellebrite said $ 76 billion worth of illegal activities also includes Bitcoin.

Cellebrite Crypto Tracer enables investigators to collect and select millions of open and private references, fraud and human intelligence data, resulting in a dataset of over 522 million points that can then be mapped

Leeor Ben-Peretz, Cellebrite Strategy Director, states that Cellebrite Crypto Tracer is able to assign millions of data such as account type, account holder, contract types, contract owners and more. It can also indicate where the illegal funds went, whether to your wallet or the stock exchange.

Technical Market Outlook:

Since the ETH/USD pair had made a High-Tide Doji candlestick pattern at the top of the last wave up seen at $332.43 the price made temporary pull-back and started to consolidate after the bounce. The current horizontal range is narrow and it is located between the levels of $312.04 - $325.47. The bulls are still in control of the market and will try to continue the up trend soon. The next target is seen at the level of $355 and the nearest technical support is located at the level of $305.20 and $300.00. There is only 2 days until the month's end and the current monthly candle looks bullish.

Weekly Pivot Points:

WR3 - $435.28

WR2 - $378.51

WR1 - $351.41

Weekly Pivot - $292.40

WS1 - $265.43

WS2 - $206.30

WS3 - $178.38

Trading Recommendations:

The volatility on Ethereum is higher 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 $365 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 key long-term technical support is seen at the level of $174.82.

analytics5f226ad2cbc38.jpg

The material has been provided by InstaForex Company - www.instaforex.com