Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 14 February 2020

Crypto Industry News:
Blockchain Education Alliance initiated by MouseBelt Blockchain Accelerator has gained several noteworthy new members.

Ashlie Meredith, director of the University program for MouseBelt, said the new members include Mastercard dealing with payment processing, innovative support of the leading cryptographic exchange Binance, Binance X, Ripple accelerator - Xpring and cryptocurrency exchange KuCoin. The NEO smart contract platform, the IoTeX internet startup, and Blockchain security company - Quantstamp and Constellation Labs have also joined the alliance.

According to its official website, the Blockchain Education Alliance aims to support education to provide students with the skills and knowledge necessary to participate and contribute to the development of the Blockchain ecosystem.

During its premiere in October 2019, the alliance included the following companies as members: Stellar Development Foundation, Tron, Hedera, Icon, Ontology, Wanchain, Harmony One, Nervos, Orbs, LTO Network, Emurgo, Nem and ETC Labs.

In August 2019, MouseBelt launched the Blockchain educational initiative on three campuses in the University of California system.

The Blockchain and cryptocurrency industries have long suffered from a lack of specialized workforce. At the end of August 2019, Ripple's head of social impact, Ken Weber, said universities around the world should expand their educational programs to offer Blockchain technology and digital content training.


Technical Market Overview:
The ETH/USD pair has made a couple of bearish candlesticks at the end of the rally: Pin Bar ad Bearish Engulfing. The uptrend is still active despite extremely overbought market conditions and the next target for bulls is seen at the round level of $320. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle. Currently, the market is consolidating in a triangle located around the level of $265, just above the technical support at the level of $259.81.

Weekly Pivot Points:
WR3 - $294.29
WR2 - $261.49
WR1 - $246.98

Weekly Pivot - $213.30
WS1 - $200.82
WS2 - $167.15
WS3 - $155.55


Trading Recommendations:
The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. This might be a wave 3 in developing in the overall long-term Elliott wave scenario.







Performed by Sebastian Seliga
Analytical expert
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