Technical Analysis of ETH/USD for August 25, 2020

Crypto Industry News:

Coinbase and Apple are still not getting along months after Coinbase warned customers it might remove the app from the Apple Store.

Coinbase CEO Brian Armstrong tweeted that Apple continues to block some cryptocurrency features, including the ability to make money and unlimited decentralized applications (dApp) of the browser:

"Apple has been very restrictive and hostile to cryptocurrencies over the years. They still block some features now, including the ability to make money with cryptocurrency through task execution and unlimited Dapp browsers," Armstrong said.

In December, Coinbase warned its customers that it might be necessary to remove the dApp browser from its app to comply with Apple App Store policies. At the time, both Apple and the Google Play Store with Android apps wanted to remove dApps from their network.

Apple, especially its App Store, has been under fire recently due to unfair terms it imposes on app developers and publishers. The Wall Street Journal, The New York Times and game developer Epic Games have called on Apple to find fairer conditions for developers.

Technical Market Outlook:

The ETH/USD pair has hit the target seen at the level of $407.03 - $414.11 with a local top at the level of $409.67 and then was capped. Currently, the price is trading below the level of $400 and the next target for bears is seen at the level of $396.45 (itraday techncial support). The momentum keeps 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 - $491.79

WR2 - $470.70

WR1 - $424.12

Weekly Pivot - $402.20

WS1 - $357.21

WS2 - $333.72

WS3 - $286.54

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.


The material has been provided by InstaForex Company -