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Technical Analysis of ETH/USD for September 2, 2020

Crypto Industry News:

As announced in April, Binance has launched the main network of its Smart Chain blockchain with support for smart contracts, operating in parallel with Binance Chain. Binance Smart Chain comes with an Ethereum Virtual Machine compatible environment that allows Solidity developers to move to the new chain without much hassle. The new blockchain will be interoperable with Binance Chain. Binance DEX will also remain in place.

Binance promises the blockchain will have cheap transaction fees "as low as 1 cent" and a 3-second blocking time. Blockchain uses a variant of Delegated Proof of Bid called Proof-of-Staked-Authority. The more BNB is owned, the more votes each participant has - which would naturally favor Binance.

Several DeFi projects in Ethereum (such as Aave, 1inch, and dForce) are reportedly working on creating new protocols in the chain. Binance has never tried to hide its DeFi ambitions, often pushing for BNB to be adopted as a backing asset in non-Ethereum protocols such as Equilibrium and Kava.

The lack of easy interoperability and strong market demand meant BNB largely remained excluded from the main DeFi scene on Ethereum. The launch of the Smart Chain appears to take the opposite approach - instead of bringing BNB to DeFi, the company is trying to move DeFi to BNB.

It remains to be seen whether the ecosystem will be able to compete with Ethereum's significant network effects despite its promise of a faster blockchain and direct support. Meanwhile, Binance has started to open up to DeFi on its main exchange, offering tokens like DAI, Wrapped BTC, and newly released projects like yEarn.

Technical Market Outlook:

The ETH/USD continues to move higher towards the first target seen at the round level of $500. The recent high has been made at the level of $487.85 as the price has broken out of the parallel channel. The zone between the levels of $442.93 - $447.26 will now act as a demand zone for bulls. The momentum is strong and positive, so it supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - $507.05

WR2 - $468.00

WR1 - $450.50

Weekly Pivot - $409.09

WS1 - $391.88

WS2 - $350.52

WS3 - $335.87

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.


The material has been provided by InstaForex Company -