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27.11.202008:39 Forex Analysis & Reviews: Technical Analysis of ETH/USD for November 27, 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 Outlook:

The user complained that PayPal temporarily blocked his account after using it for cryptocurrency day trading.

It turns out that PayPal users who use this service to trade high-frequency cryptocurrencies should expect their account to be blocked. One trader learned this lesson quite recently when the payment giant suspended his account for 180 days, which still has around $ 462. In addition to the likelihood of PayPal cryptocurrency trading accounts being suspended or closed, this situation also reveals some operator-side customer service shortcomings that could pose problems for cryptocurrency owners.

It seems that although PayPal recently introduced cryptocurrencies, the purpose of the service is turning into a source of funding for online purchases. As the company uses the no-charge model, day trading on the platform can cause the payment giant to bear a huge burden to cover transaction costs.

Technical Market Outlook:

After making the the yearly high at the level of $620.52, the market broken out of the acceleration channel and started the corrective cycle. During the first wave of correction the local low was made at the level of $483.10. The next target for bears is seen at the wall of support and the levels of support are: $487.79, $476.29, $472.42, $459.44 and $438.00. Please notice the weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $774.30

WR2 - $671.20

WR1 - $638.87

Weekly Pivot - $538.52

WS1 - $503.53

WS2 - $403.18

WS3 - $366.96

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.

Exchange Rates 27.11.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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