Technical Analysis of ETH/USD for November 5, 2020

Crypto Industry Outlook:

The Associated Press news agency publishes the results of the November 3 presidential election in the United States on the Ethereum and EOS blockchains.

As noted on the developer's page detailing how to access the AP Elections API, the results are chained by Everipedia's OraQle software. While the results are of course also posted on the AP website, the use of blockchain-based Everipedia ensures an undisturbed, permanent and unchangeable record of the results for each state. The AP also shared the Ethereum smart contract address, allowing readers to use block explorers like Etherscan to track upcoming results. However, a more accessible version of the results, comparing the results from all states called up so far, is available through the EOS AP account on Bloks.io.

The 2020 US elections are one of the most controversial in decades, with results going head to head in key states. Due to the coronavirus pandemic, to the disappointment of incumbent President Donald Trump, nearly 100 million votes were previously cast, either by mail or in person.

Technical Market Outlook:

The ETH/USD pair has been trying to break out of the channel and a new local high was made at the level of $407.03. Nevertheless, there are candles with log upper shadows, which indicate the bearish pressure. Any sustained violation of the level of $407.03 will result in a rally towards the yearly highs seen at the level of $420.11. The level of $400 will now act as a intraday technical support. Only if a daily candle closes below $360 level, then the bears will have full control of the market.

Weekly Pivot Points:

WR3 - $456.03

WR2 - $431.91

WR1 - $415.05

Weekly Pivot - $393.33

WS1 - $376.79

WS2 - $355.02

WS3 - $337.80

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.

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