MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical Analysis of ETH/USD for May 14, 2021

Crypto Industry News:

The United States Securities and Exchange Commission (SEC) has issued a warning to investors, pointing to the risk of mutual funds that have exposure to Bitcoin futures.

In an official statement, the SEC strongly urged investors to carefully consider the risks associated with mutual funds in the Bitcoin futures market, stressing that Bitcoin is a "highly speculative investment." The authority stressed that investors should take into account the volatility of both the Bitcoin market and the Bitcoin futures market, as well as the lack of regulation and potential fraud or manipulation of the underlying Bitcoin market.

"As with any investment in mutual funds, investors should focus on the level of risk they are taking and the level of risk they can afford before investing," wrote the SEC.

The regulator noted that the Bitcoin futures market had grown significantly after the first futures contracts were traded in December 2017, with increased trading volumes and open positions. The SEC further stated that it will closely monitor and evaluate mutual funds' compliance with exposure to Bitcoin futures with the Investment Companies Act and federal securities laws.

The news came weeks after the SEC delayed its decision to approve the Bitcoin ETF VanEck until June. As previously reported, some industry watchers believe the US may finally see the Bitcoin ETF in 2021 with Senate approval of Gary Gensler as chairman of the SEC.

Technical Market Outlook:

The ETH/USD pair has bounced from the key short-term technical support located at the level of $3,596. There are three Pin Bar candlesticks around the technical support, so the next local target for bulls is the 61% Fibonacci retracement located at the level of $4,074. If this retracement level is clearly violated, then bulls will likely test the ATH again (located at $4,369). The momentum is strong and positive, so it supports the bullish outlook for ETH.

Weekly Pivot Points:

WR3 - $4,545

WR2 - $4,714

WR1 - $4,394

Weekly Pivot - $3,656

WS1 - $3,369

WS2 - $2,577

WS3 - $2,290

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. The next long term target for ETH/USD is seen at the level of $5,000. The key long term technical support is seen at the level of $3,881, so only a weekly candle close below this level will invalidate the bullish scenario.

analytics609e42ed71009.jpg

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