Technical Analysis of ETH/USD for September 7, 2020

Crypto Industry News:

The Australian Government Senate Special Committee on Financial Technology and Regulatory Technologies published a report on the project citing blockchain technology more than 50 times.

The report responds to Australia's first recession in 30 years as a result of COVID-19, which was confirmed by negative growth in the June quarter announced on September 2.

The document contains numerous recommendations on how a nation can adopt technology and become globally competitive, as told by Senator Andrew Bragg, chairman of the committee. He also added:

"I hope this periodic report can be seen as a series of successes (...) Most fintech and regtech projects will be built primarily on blockchain technology or will benefit heavily in the next 10 years."

Power Ledger co-founder and executive chairman Dr. Jemma Green said the ICO raised more than $ 26 billion, but Australia captured less than one percent of that value. By introducing new tax laws, she explained, the country could seize the opportunity to capture "a bigger piece of the 26 billion dollar cake", which would employ tens of thousands of people.

Technical Market Outlook:

The ETH/USD pair has bounced slightly from the level of $309.73, which was the low made during the last wave down from $487.70. The market has been capped at the level of $355.24 and is turning down again. The nearest technical resistance is seen at the level of $362.60, $369.37 and $375.62. The nearest technical support is seen at the level of $305.20. The market conditions are oversold, but the momentum remains weak and negative, so another wave down might be just around the corner.

Weekly Pivot Points:

WR3 - $614.65

WR2 - $551.18

WR1 - $435.26

Weekly Pivot - $373.02

WS1 - $258.25

WS2 - $194.29

WS3 - $78.24

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

The material has been provided by InstaForex Company - www.instaforex.com