Technical Analysis of ETH/USD for August 13, 2020:

Crypto Industry News:

Venezuela's Bolivarian Council of Mayors has signed a so-called "National Tax Harmonization Agreement" for 305 municipalities in the country, including Petro as a means of tax collection and sanctions. This cryptocurrency is being used more and more as a result of the new campaign.

According to the government, Venezuelan vice president Delcy Rodriguez will be responsible for implementing a single taxpayer register through a digital consultation tool. She will also be responsible for creating an information exchange and monitoring system for companies to record payments in state cryptocurrencies.

There are 335 mayors in Venezuela, 91% of whom remain under the mandate of the United Socialist Party of Venezuela, PSUV. Only 30 mayors are led by opponents of the Nicolas Maduro regime. Municipalities that are not backed by Maduro continue to levy taxes in the Venezuelan fiat currency Bolivar as some of them do not have the appropriate technology to process Petro payments.

The Venezuelan government has announced that nearly 15% of all fuel payments at gas stations across the country are made through Petro. This increase came in the first week of a new state-supported plan to promote the widespread use of the token. According to local media reports, 40% of PTR transactions took place at foreign fuel stations.

Technical Market Outlook:

The ETH/USD pair has tested the short-term trend line resistance seen around the level of $395.67 and this is where the lest local high was made after the bounce form the level of $365.01. Bull will have to push harder in order to move higher towards the yearly high located at the level of $414.15, but for now the market keeps trading inside of the range located between the levels of $362.60 - $407.03. 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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