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Technical Analysis of ETH/USD for August 4, 2020:

Crypto Industry Outlook:

Another YouTube channel dedicated to cryptocurrencies appears to have violated the platform's community rules.

According to a tweet posted from members of the cryptocurrency community and brothers Aaron and Austin Arnold, their Altcoin Daily channel with 214,000 subscribers was shut down by YouTube for "encouraging illegal activities."

"We are a news / opinion channel. We have never promoted anything illegal. The appeal was sent," they both said on Twitter.

The brothers reached out to Altcoin Daily's 27,700 Twitter followers, urging them to contact YouTube and request a reinstatement using hashtags.

After more than two days with the channel's content completely unavailable to subscribers, Altcoin Daily announced on August 3 that YouTube lifted the ban.

YouTube was aggressively removing videos with cryptocurrency-related content in December 2019 on channels with tens of thousands of subscribers or more, including Chris Dunn's videos, while the Crypto Beadles website was completely removed. YouTube called one of these deletions a "bug" during the review process.

Technical Market Outlook:

After the Flash Crash event, the ETH/USD pair has bounced towards the level of $400.74, but did not make a new ATH yet. For now the price is trading close to the recent ATH, around the level of $388 and the up trend is still being continued. The next target for bulls is seen at the level of $500. The key short-term support is seen at the level of $300. The momentum is still strong and positive, which supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - $532.98

WR2 - $470.84

WR1 - $423.16

Weekly Pivot - $365.99

WS1 - $312.04

WS2 - $255.55

WS3 - $208.47

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 -