Technical Analysis of ETH/USD for August 21, 2020

Crypto Industry News:

Tokyo District Court issued the first cryptocurrency seizure order in Japan. $ 46,000 worth of bitcoins were confiscated in connection with the Coincheck hack in 2018.

Kyodo said police had seized Bitcoins, which were being held by a Hokkaido doctor and a director from Osaka Prefecture. Two men were arrested in connection with the burglary. They are accused of knowingly buying stolen NEM via the dark web market, in violation of the country's organized crime laws.

The Coincheck exchange suffered a record break-in when NEM worth $ 534 million was stolen from its wallets. Research by Asahi Shimbun showed that personal computers belonging to Coincheck employees were infected with a virus related to Russian hackers.

According to the media, the exchange experienced another data breach in June 2020, involving unauthorized access to the platform's domain registration service.

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $396.47 which is a 61% Fibonacci retracement, broke through the trend line resistance and made a new local high during the bounce at the level of $419.05. In order to continue the up trend, bull will have to push the price towards the next local technical resistance seen at the level of $430.71. The momentum is slowly increasing as the market bounces from the oversold conditions as well. All the bigger time frame charts looks very bullish and the up trend should be continued after the correction is completed.

Weekly Pivot Points:

WR3 - $542.08

WR2 - $493.82

WR1 - $466.95

Weekly Pivot - $411.50

WS1 - $387.37

WS2 - $337.80

WS3 - $311.68

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.

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