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Technical Analysis of ETH/USD for August 10, 2020:

Crypto Industry News:

A project led by partner company Bitbeat CIC Enterprise aims to provide crypto payment solutions on two of Korea's busiest beaches for tourists to use.

According to ZDNet Korea, the company worked with card and cash payment provider Innotech to provide a token-based payment solution with the Haeundae Beach System on Busan, South Korea's famous tourist beaches.

The program will allow you to pay for classes related to water sports, life jackets, and even the rental of umbrellas, including Bitcoin, Ethereum, as well as MCI and WAY ERC20 tokens via smartphone applications.

Bitbeat said such payments can be processed in less than 10 seconds, relying on the use of QR codes for any wallet in the world, which differs from similar projects that often require customers to download separate applications to complete the entire process.

The company adds:

"We hope the virtual currency used in the Haeundae-gu Beach System will be more widely used in real life. We will try to provide a cryptocurrency payment environment."

Busan authorities expect that on summer days, people will prefer to rent services on the beaches of Haeundae, rather than bring their own everyday items for fun and recreation to enjoy their time at the beaches. Another beach in Songjeong also runs a similar paid cryptocurrency pilot.

Also in Busan, a private-public consortium in South Korea announced on June 20 its intention to build a blockchain-based medical tourism platform. The release date has not yet been determined and, according to Gyeongnam Ilbo, the initiative will be Busan Bank.

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $362.30, which is just below the short-term trend line support and is moving up towards the yearly high located at the level of $414,11. The momentum has increased and is back in positive territory, so the bulls are still in charge of the market, but the price is still trading inside of the range seen between the levels of $355.34 - $407.03. In a case of a breakout higher, the next target for bulls is seen at the level of $450. The key short-term support is still located at the level of $323.87- $323.85.

Weekly Pivot Points:

WR3 - $458.63

WR2 - $430.13

WR1 - $411.58

Weekly Pivot - $386.08

WS1 - $366.85

WS2 - $340.34

WS3 - $321.13

Trading Recommendations:

Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.


The material has been provided by InstaForex Company -