Technical Analysis of ETH/USD for October 9, 2020

Crypto Industry News:

Customers of the world-renowned car manufacturer will soon be able to receive blockchain tokens as rewards under a new program called BMW Vantage. Media reported today that BMW Korea is the first BMW Group subsidiary to test the new program and intends to fully introduce it in the country by the end of 2020.

The points-based rewards program uses blockchain technology to securely allocate and track customer tokens. People who buy new BMW models for the first time can receive between 300,000 and 500,000 points. Buyers of existing vehicles such as the X1, X2, BMW 1 and 2 Series could receive up to 600,000, and buyers of new BMW 5 Series or BMW 6 cars up to 900,000. For BMW buy-backs, customers will receive bonus points based on vehicle prices.

Buying BMW cars is not the only way to earn points. BMW Korea has released an application with games and social functions, thanks to which users can also earn contributions. Basically, the point system will aim to provide loyal users with discounts on car servicing and other BMW services. People with more points in the program are promised invitations to cultural events organized by BMW

In recent years, BMW has used blockchain solutions for both customer service and business-to-business operations. As a co-founder of the Mobility Open Blockchain Initiative, the manufacturer has collaborated with established blockchain developers and technology companies such as Hyperledger, IBM and IOTA.

In March, BMW announced plans to roll out its PartChain supply chain solution to 10 suppliers later this year.

Already in 2018, the car manufacturer experimented with a tokenized reward system to encourage drivers to track the mileage of leased vehicles.

Technical Market Outlook:

After the ETH/USD pair made a Pin Bar candlestick at the end of the recent down wave, it continued to move higher towards the technical resistance located at the level of $355.60. If this local technical resistance is not clearly broken, then the down move should resume and head towards the next target seen at the level of $322.87 - $321.95. The momentum remains negative and might accelerate down if the sell-off starts. Please keep an eye on the intraday technical support seen at the level of $342.30.

Weekly Pivot Points:

WR3 - $403.75

WR2 - $387.38

WR1 - $368.10

Weekly Pivot - $351.05

WS1 - $333.15

WS2 - $315.51

WS3 - $296.13

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