Technical Analysis of ETH/USD for November 19, 2020

Crypto Industry Outlook:

Crypto provider Bitcoin Suisse expects to offer its Ethereum staking services ahead of Christmas, highlighting the company's expectations for the imminent launch of Ethereum 2.0.

In a statement released through Trustnodes, Bitcoin Suisse said:

"The escrow deal for Ethereum 2 is now active. This means that the new version of the second largest protocol in terms of market capitalization is likely to become a reality by Christmas."

Bitcoin Suisse was founded in 2013, making it one of the first cryptocurrency-focused financial service providers.

The Ethereum 2.0 Deposit Agreement is open-ended meaning anyone wishing to become a validator can deposit the 32 ETH minimum stake. On Wednesday, the deposit agreement covered over 101,700 ETH deposits worth nearly $ 48.2 million.

According to a blog post on the Ethereum Foundation earlier this month, the first phase of ETH 2.0 is expected to launch on December 1. The developers have set a minimum total threshold of 524.288 ETH as a trigger for the main network. The target must be achieved at least seven days in advance, which is November 24.

Technical Market Outlook:

The ETH/USD pair might have been developing the Triangle pattern at the H4 time frame around the level of $470. The nearest technical resistance is seen at the level of $487.70. If the price will break out from the potential Triangle pattern to the upside, then the nearest target is seen at the level of $500. Only if a daily candle closes below $360 level, then the bears will have full control of the market and might push the prices deeper below this level.

Weekly Pivot Points:

WR3 - $507.71

WR2 - $490.25

WR1 - $463.71

Weekly Pivot - $448.80

WS1 - $421.33

WS2 - $405.66

WS3 - $377.90

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 $360 is broken.

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