Technical Analysis of ETH/USD for September 29, 2020

Crypto Industry News:

On September 24, the Binance exchange officially announced on the Russian Telegram channel that the Russian telecommunications regulator Roskomnadzor had added this page to the register of platforms disseminating prohibited information.

According to the announcement, the Binance exchange was included in the list due to the distribution of data related to the acquisition of digital currencies such as Bitcoin. Gleb Kostarev, head of Binance's operations in Russia, said the exchange announced the news immediately after receiving the notification from Roskomnadzor.

Despite putting the domain on the list of banned websites, Russians can still access it without any additional tools like a VPN. Currently, the URL can be found in the official website registry in the blacklist of Roskomnadzor. According to the data, the site was added to the list on June 2, 2020, and access to it is "not restricted".

In a public announcement, Binance executives stressed that it had not received any information about the restriction until September 24, stating:

"Before receiving the above notification, we were not previously informed of any claims from law enforcement agencies, civil services or courts. We have now turned to our solicitors for further advice and would like to assure all our Russian users that their services will not be interrupted in the meantime and their funds are safe. "

As the Binance website was blacklisted by Roskomnadzor in June 2020, this action does not appear to be related to Binance's plans to introduce its cryptocurrency debit card in Russia as the plans were announced a little later in September 2020.

Technical Market Outlook:

The ETH/UD pair has made a Shooting Star candlestick pattern at the to of the move up at the level of $367.58, just above the 61% Fibonacci retracement located at $362.93. Since then, the market has reversed and fell out of the ascending channel around the level of $355. The local low was made at the level of $350.14, but the target for bears is seen at the level of $345.40. The momentum had reversed as well and now is on the neutral level, pointing south. If the level of $345.40 is clearly violated, then the next technical support is seen at the level of $332.38.

Weekly Pivot Points:

WR3 - $446.64

WR2 - $410.95

WR1 - $384.24

Weekly Pivot - $347.99

WS1 - $319.88

WS2 -$284.46

WS3 - $256.92

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 is currently seen at the level of $305.20 - $321.95, so 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