Technical Analysis of ETH/USD for November 2, 2020

Crypto Industry Outlook:

Orbit, a new commercialized renewable energy company, has announced that it will use the Ethereum blockchain to enable ordinary people to engage in buying and selling solar energy. According to reports, special ORBT tokens will be distributed and used to make these transactions. Given the fact that they will take place using the Ethereum blockchain, they will also be completely anonymous.

In a statement on their website, we read:

"We have decided to use an ICO instead of an IPO to respect the anonymity of our investors and also allow access to a wider group of people. This way our investors can earn from our success and support us at the same time as we do not have to give up any shares in our company".

The Orbit network focuses on commercialize renewable energy, including generators and solar cells for commercial and residential use. The idea is that the value of the ORBT token will be supported by people buying and selling products and services offered by Orbit. This provides a "safety net" for investors in the Orbit marketplace, even if the value of tokens is set to decline in the future.

Currently, $ 1 million ETH has been invested in Orbit tokens. Pre-order tokens not sold will reportedly be burned to prevent blur when $ ORBT is listed on Uniswap, Coingecko, Kyber, etc.

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $375.52 and made a high at the level of $403.72, which is just at the short-term trend line resistance. The bears are trying to reverse the up move, but so far the pull-back was shallow. The next target for bears is seen at the level of $394.85, which is a technical support for the price. The rest of the support is seen at the levels of $389.90 and $#79.93.

Weekly Pivot Points:

WR3 - $456.03

WR2 - $431.91

WR1 - $415.05

Weekly Pivot - $393.33

WS1 - $376.79

WS2 - $355.02

WS3 - $337.80

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.

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