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

01.07.202007:53 Forex Analysis & Reviews: Technical Analysis of ETH/USD for July 1, 2020:

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:

The British Financial Supervision Authority (FCA) estimates that around 2.6 million British consumers "bought cryptocurrencies" at some point.

FCA has published the results of its latest research on consumer interaction with cryptocurrency markets in the UK. 1.9 million people - 3.86% of the general adult population - were found to currently have cryptocurrencies, which is considered a "statistically significant increase," compared to 3% in the latest FCA consumer survey report in 2019. This increase increases overall the number of consumers in the UK who have ever owned cryptocurrencies at any time, from 1.5 million to the current estimated number of 2.6 million.

In addition to the marked increase in the number of cryptocurrency owners, industry awareness also seems to be growing - 73% of adults have heard about cryptocurrencies, compared with 42% last year.

FCA research indicates that 75% of 1.9 million currently have cryptocurrencies worth less than $ 1,229. 83% of cryptocurrency owners buy their assets through stock exchanges outside the UK.

In general, the level of technical knowledge of holders and understanding of the potential risks associated with a lack of collateral and asset volatility is high, FCA reports. One exception is that 11% of current and former cryptocurrency owners mistakenly believe that their cryptographic assets are covered by consumer protection - approximately 300,000 people.

The FCA believes that this exposes consumers to financial harm. At the same time, however, he states that the most popular reason consumers in the UK bought crypto was "as a gamble to earn or lose money" with full awareness of the volatility of crypto markets.

Technical Market Outlook:

The ETH/USD pair has retraced 38% of the last wave down and made a new local high at the level of $229. Nevertheless, the is a Doji candlestick pattern made at the top ot the move, which indicates a possible reversal of the local up trend. For now, the market keeps consolidating in a narrow range, but if the intraday support located at the level of $221.31 is clearly violated, the odds for another low are high as the momentum is still weak and negative. The next target for bears is seen at the level of $209.89.

Weekly Pivot Points:

WR3 - $273.84

WR2 - $260.74

WR1 - $240.04

Weekly Pivot - $227.40

WS1 - $206.35

WS2 - $194.36

WS3 - $173.30

Trading Recommendations:

The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.

Exchange Rates 01.07.2020 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