Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 27 March 2020

Crypto Industry News:
New Jersey federal prosecutor, Craig Carpenito, is fighting the request of two alleged cryptographic fraudsters to release the county from prison due to a coronavirus pandemic.

According to court documents filed on March 24 with the US Department of Justice, Carpenito stated that the recently introduced bail reform only prefers to release the defendant before the trial, when his presence at the trial can be reasonably guaranteed.

Carpenito noted that COVID-19 sparked a "nationwide conversation" about whether detainees accused of non-violent crimes should be released to reduce the risk of rapid spread of coronavirus in American prisons.

He emphasized, however, that Matthew Goettsche and Jobadiah Weeks - both accused of running the $ 722 million cryptocurrency Ponzi BitClub program - have "strong motivation" to escape.

Goettsche and Weeks petitioned the prison in Essex County, Newark, New Jersey for release on March 20 and 23, respectively.

The Goettsche representation assured that "it is not about if, but when" a major COVID-19 explosion will take place in prison, adding that "it will be almost impossible to stop the spread" when the virus reaches this facility.

The prosecutor cited the findings of Judge Michael Hammer after the previous interrogation on detention, who noted that both men had access to assets that could "finance the risk of escape." Carpentino added that the couple did not provide a "convincing reason" for their release.


Technical Market Outlook:
The ETH/USD pair has been consolidating the recent gains around the trend line support located at the level of $134.12 for some time now and the trend line holds the bulls for now. Any violation of this trend line will likely lead to another wave down towards the nearest technical support seen at the level of $110.33. The key short-term technical support is seen at the level of $89.35 (13th March sell-off low). Please notice, that any breakout through the black trend line support will accelerate the wave down.

Weekly Pivot Points:
WR3 - $202.93
WR2 - $178.10
WR1 - $150.26

Weekly Pivot - $126.31
WS1 - $100.57
WS2 - $71.34
WS3 - $47.20


Trading Recommendations:
All the Elliott Wave based impulsive wave scenarios have been invalidated due to the important levels violation. The fear of the coronavirus consequences is too strong to traders and it rules on the financial markets, so it is better to stay away from the trading platform until the dust settles. Trade safe.






Performed by Sebastian Seliga
Analytical expert
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