Technical Analysis of ETH/USD for August 12, 2020:

Crypto Industry News:

The metals and minerals trading subsidiary of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has launched a Blockchain platform called ECO for precious metals trading.

The platform, developed by Mitsubishi in cooperation with the American company Blockchain Skuchain, is based on Skuchain's EC3 platform for supply chain management and finance based on Blockchain.

According to the official announcement, ECO will facilitate the trade of metals between contractors by generating, managing and executing invoices and transaction confirmations.

Initially, Mitsubishi will only bring its "most valued customers" to the platform, but plans to extend and implement ECO soon to cover most of its supply chain system. By using the ECO platform, traders will be able to sign commercial documents and upload them to Blockchain. They will then be able to share the signed documents with others in real time and hide any sensitive business information that they do not want to disclose.

The company said it will add more features to ECO in the future to address other key supply chain challenges in the metals trading industry.

Technical Market Outlook:

The ETH/USD pair has broken below the short-term trend line support located around the level of $390 and made a local low at the level of $365 at the time of writing the analysis. This level is very close to the techncal support seen at the level of $362.60, but the key short-term support is still located at the level of $323.87- $323.85. The momentum has decreased as well, so the correction might extend lower. 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