Technical Analysis of ETH/USD for August 14, 2020:

Crypto Industry News:

Federal regulators in Germany want to modernize domestic securities with Blockchain technology.

The German Federal Ministry of Finance (BMF) and the Federal Ministry of Justice and Consumer Protection (BMJV) have presented a bill on digital securities based on the Blockchain chain. In an official statement, the authorities stressed that the adoption of digital securities is one of the main aspects of the federal government's Blockchain strategy.

According to the law in force in Germany, financial instruments that are classified as securities must be secured by a document. Blockchain technology would thus help guarantee fluidity and compliance by providing a replacement for a paper certificate, the BMF and BMJV said. According to the authorities, the proposed bill also improves regulatory clarity by anticipating that the Federal Financial Supervisory Authority will act as the lead regulator for Blockchain-based e-shares.

The agency, also known as BaFin, will be responsible for monitoring the issuance of digitized securities and keeping decentralized books under German banking law, an official statement says.

Technical Market Outlook:

The ETH/USD pair has finally broken through the trend line resistance and supply zone and made a new yearly high at the level of $430.85. Currently the zone located between the levels of $407.33 - $414.11 will be acting as demand zone for the market. The bulls are consolidating the gains, but the test of the level of $414.11 should be made soon. If the test is successful, then ETH/USD will continue to move upward. 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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