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12.02.201910:41 Forex Analysis & Reviews: Ethereum Elliott Wave analysis for 12/02/2019

Long-term review
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.

Technical market overview:

The ETH/USD pair has been trading in a tight consolidation zone located between the levels of 116 - 120 USD after the swing high at the level of 124 USD was made. This high might be considered at the top for wave B, but it has not been confirmed yet. The top confirmation will be possible when the price will break below the key technical support zone of 108.46 - 110.33 USD.

Please notice the bearish divergence between the price and the momentum indicator that support the short-term bearish outlook. The nearest technical support is seen at the level of 114 USD and 112.15 USD.

Weekly Pivot Points:

WR3 - 149.94

WR2 - 135.39

WR1 - 127.42

Weekly Pivot - 112.16

WS1 - 105.12

WS2 - 90.45

WS3 - 82.23

Trading recommendations:

Only the sell orders should be opened as close as possible to the level of 120.81 - 124.10 with a protective stop loss placed above the level of 124.61. The target is technical support at the level of 112.15 and 110.33.

Exchange Rates 12.02.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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