Technical Analysis of ETH/USD for September 15, 2020

Crypto Industry News:

DeFi Swap is now available on the Ethereum network and offers many interesting features that can be useful to cryptocurrency users:

Swap: Users can trade any two supported tokens after paying an exchange fee of 0.3%;

Pool: each pool consists of the reserves of two ERC-20 tokens and issues an ERC-20 token as proof of proportional possession of the underlying reserves;

Boost: allows you to increase profits in the CRO DeFi;

APY: Liquidity Providers (LPs) can estimate their profit in the CRO DeFi;

Analytics: Users can analyze DeFi Swap CRO protocol token / pair data including liquidity, trading volume etc.

Liquidity providers (LP) will be rewarded with a share of the collected 0.3% trading volume in the relevant liquidity pools. They can also stake CROs to increase their profits (up to 20x).

The service is not available to residents and citizens of the following markets: United States, Hong Kong, Singapore, Afghanistan, Bangladesh, Bolivia, Burundi, Central African Republic, Crimea Region, Cuba, Congo, Dem. Rep. Ecuado, r Eritrea, Guinea, Republic of Guinea, Bissau, Hong Kong, SAR, Iran, Iraq, Kyrgyzstan, Lebanon, Libya, Mainland China, Mali, Burma, (Myanmar) Namibia, Nepal, North Korea, Singapore, Somalia, Sudan, Sudan South, Syria, Venezuela, Yemen, Zimbabwe.

Technical Market Outlook:

The ETH/USD pair keeps trading inside of the ascending channel and it was recently capped around the level of $388 due to the upper channel line resistance level. The market had made a Bearish Engulfing candlestick pattern at this level and reversed towards the lower channel line. Currently, the market is consolidating in a narrow zone between the levels of $355.24 - $369.37 and due to the fact, that the last move inside the channel is corrective in nature, more weakness is expected in ETH/USD pair. The next technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288.

Weekly Pivot Points:

WR3 - $460.14

WR2 - $422.13

WR1 - $395.03

Weekly Pivot - $357.60

WS1 - $326.67

WS2 - $291.16

WS3 - $261.17

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. The key mid-term technical support, seen at the level of $364.95 had been violated, but 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.

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