Technical Analysis of ETH/USD for August 11, 2020:

Crypto Industry News:

KEB Hana Bank, one of South Korea's largest commercial banks, has entered into an agreement with the state-backed highway operator, Korea Expressway Corporation, to introduce a blockchain-based toll system on national highways.

According to D Daily, the project is to start before the end of the year. The system will connect the KEB Hana smartphone banking app, Hana One Q, allowing drivers to make payments, postpone them and even receive toll refunds.

The report found that both parties involved in the agreement reached to implement the blockchain solution are seeking to remove cash or credit card payments, in part because of the COVID-19 pandemic, which encourages them to offer contactless solutions.

Korea Expressway Corporation and KEB Hana Bank want to use blockchain to share data to strengthen synergies with the payment system design. Kwang-Ho Lee, head of sales at Korea Expressway Corporation, commented on the report:

"We will continue to expand personalized non-face-to-face (contactless) services to society using blockchain technology, which is part of the Korean version of the new digital contracts policy to lead the global economy after the coronavirus."

The Ministry of Science and ICT and the Korean Internet and Security Agency approved the agreement. Last year, KEB Hana also received an award for its mobile electronic blockchain verification program from the same agencies.

The South Korean government recently revealed its intention to invest over $ 48.2 billion in blockchain and other Industry 4.0 technologies by 2025. The state's goal is to promote the digitization of all industries in the coming post-pandemic era.

Technical Market Outlook:

After the ETH/USD pair had bounced from the level of $362.30, the bulls has pushed the price up towards the yearly high located at the level of $414.11, but did not make it yet. The momentum has increased and is back in positive territory, so the bulls are still in charge of the market, but the price is still trading inside of the range seen between the levels of $355.34 - $407.03 as the volatility dries up. In a case of a breakout higher, the next target for bulls is seen at the level of $450. The key short-term support is still located at the level of $323.87- $323.85. The weekly time frame trend is still up.

Weekly Pivot Points:

WR3 - $458.63

WR2 - $430.13

WR1 - $411.58

Weekly Pivot - $386.08

WS1 - $366.85

WS2 - $340.34

WS3 - $321.13

Trading Recommendations:

Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.

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