25.05.202008:07 Forex Analysis & Reviews: Technical Analysis of ETH/USD for May 25, 2020:

Crypto Industry News:

According to an announcement from the Banque de France, France became the first country to successfully try the digital euro operating on Blockchain after calling for new technologies to support such progress.

The bank claims that on May 14, it tested the sale of securities for central bank digital currencies (CBDC), signaling the launch of more detailed testing. Although the bank's announcement was not very detailed, it indicated that the current pilot program focused on wholesale rather than retail for the digital euro. Retail CBDC would be open to ordinary consumers through Bitcoin or Apple Pay. The latest pilot issue of securities in exchange for the digital euro was based on the software received after the March 27 call for proposals. According to today's announcement, the bank will devote the next few weeks to conducting similar tests for other applications received under the same initiative.

Banque de France is particularly active in the development of the digital euro. By the time Great Britain leaves, France will become the second largest economy in the euro area after Germany.

Technical Market Outlook:

The ETH/USD pair has bounced from the level of $190.55, but did not manage to make a new high above the level of $217. After the Shooting Star candlestick was made at the level of $209.89 the Ethereum rate begin to move lower. The bulls had all the weekend to push the prices higher, but they failed and now the market is very close to the key short-term trend line support located around the level of $196.30. Any violation of this level will open the road towards the next technical support located at the level of $193.78 and $188.88.

Weekly Pivot Points:

WR3 - $234.40

WR2 - $228.76

WR1 - $216.85

Weekly Pivot - $204.00

WS1 - $192.21

WS2 - $178.64

WS3 - $166.85

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.