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Crypto Industry News:
The Grayscale Investments digital asset management company has bought about 50% of all newly mined Ethereum coins this year. According to recent reports, Grayscale currently owns the equivalent of 1.1% of all ETH in circulation.
Grayscale supports 10 cryptocurrency investment products targeted at institutional investors. As of April 24, the company managed $ 2.7 billion of digital assets. Ethereum Trust has $ 234.7 million investment. Over USD 2.3 billion is in Bitcoin Trust. Other fund resources include BCH, Zcash, XRP, among others.
Since the beginning of this year, Grayscale has bought 756 539 ETH. That's 48.4% of all coins mined since the beginning of 2020. A total of 1 563 245 ETH was mined during this period.
Technical Market Outlook:
The ETH/USD pair did not manage to rally above the recent swing high located at $225.84 and has broken below the local low at $201.01 during the weekend. The bears have manage to push the price towards 38% Fibonacci retracement located at the level of $195.94. Moreover, the short-term trend line support has been violated as well and the price is testing the technical support at the level of $193.78.The weak and negative momentum supports the short term outlook towards the next support located at $188.86 or even towards 50% retracement at $186.72.
Weekly Pivot Points:
WR3 - $296.61
WR2 - $243.36
WR1 - $224.05
Weekly Pivot - $205.69
WS1 - $188.49
WS2 - $168.64
WS3 - $150.80
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. 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.
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