empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

25.09.201908:13 Forex Analysis & Reviews: Technical analysis of ETH/USD for 25/09/2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crypto Industry News:

An IT company in Armenia has been accused of illegal electricity consumption and using it to mine cryptocurrencies.

On September 21, in an announcement by the Armenian National Security Service, the organization accused an IT company of illegal mining of cryptocurrencies at a hydroelectric power plant. A state agency has reported that an IT company has installed cryptocurrency mining equipment at one of the hydroelectric power plants operating in Armenia, resulting in illegally consuming 1.5 kilowatt-hours of electricity - worth over $ 150,000 - in 1.5 years.

Earlier in September, information appeared that regulators in the Autonomous Province of Inner Mongolia issued a notice demanding the closure of companies mining cryptocurrencies in the province.

Several departments in Inner Mongolia have identified the need to rectify the mining industry in the province. The listed organizations were the Committee on Development and Reform, the Department of Public Security, the Office of the Ministry of Industry, the Financial Office and the Big Data Office.

Technical Market Overview:

The ETH/USD pair has invalidated the bullish impulsive scenario after the level of $162.78 has been broken. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

Weekly Pivot Points:

WR3 - $261.09

WR2 - $242.26

WR1 - $225.12

Weekly Pivot - $205.85

WS1 - $188.31

WS2 - $169.05

WS3 - $152.55

Trading recommendations:

Due to the short-term impulsive scenario invalidation, the best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

Exchange Rates 25.09.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off