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Technical Analysis of ETH/USD for December 10, 2020

Crypto Industry News:

GrayScale, the US stock provider of ethereum fund exempt from the Securities Act, announced that it has purchased another 105,927.51301273 Ethereum worth $ 62,975,646.

The last report was made by Grayscale exactly one week ago. This means that another 100,000 ETH has been sold this week, up from 78,229.44246893 ETH, which is $ 44,239,108 as of December 1st. In addition, the asset manager appears to remain intent on buying ETH 3 million, making it one of the world's largest ETH custodians.

However, the Grayscale Ethereum Trust (ETHE) is limited to accredited investors, that is, wealthy individuals or institutional investors. This leads GrayScale to currently handle assets of over $ 12 billion.

Demand further led to a significant ETH trading premium of around $ 1,200 in ETHE at 0.1 ETH per share. Consequently, calls for an ETF are rising again. Many expect the new administration to approve them right now, when the cryptocurrency industry is receiving great interest from institutional investors.

Technical Market Outlook:

The ETH/USD pair has moved lower in a corrective slide towards the level of $531.05, way below the key short-term technical support for the price seen at the level of $548.16. If the low is violated again, then the next important technical support is seen at $517.40 and $500. The momentum is now weak and negative, the price is still trading below the short-term trend line, so the corrective cycle still have a room to go lower. Please notice, the market is finally starting to come off the extremely overbought levels as well.

Weekly Pivot Points:

WR3 - $712.54

WR2 - $673.34

WR1 - $636.36

Weekly Pivot - $596.47

WS1 - $560.79

WS2 - $521.20

WS3 - $484.02

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $700, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.53 on the weekly time frame chart, but the current up trend is still valid. This scenario is valid as long as the level of $360 is broken.


The material has been provided by InstaForex Company -