Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 28 May 2020

Crypto Industry News:
Goldman Sachs will host a teleconference entitled "US Economic Prospects and the Implications of Current Inflation, Gold and Bitcoin Policies".

Mike Dundas, founder of The Block, published a screenshot of the invitation, showing that the event will be hosted by Sharmin Mossavar-Rahmani, CIO Goldman's Investment Strategy Group, along with economics professor Harvard Jason Furman and chief economist Goldman Sachs, Jan Hatzius.

The news was announced as a milestone in the institutional acceptance of cryptographic assets, which seems to imply a complete change in Mossovar-Rhami - who said cryptocurrencies fail as a means of exchange, thesaurization and units of measurement, in August 2018.

For many years, the cryptographic community seemed to be awaiting involvement in Goldman Sachs' cryptocurrencies. There were false rumors that the financial giant was planning to open a BTC sales office.

The Goldman Sachs conference call appears among other signals indicating that many of the leading financial institutions may be preparing for cryptocurrencies, as JPMorgan has begun providing banking services for the US Coinbase and Gemini exchanges.


Technical Market Outlook:
After the successful defense of the blue trend line, the ETH/USD bulls had set the target for at the level of $205.05 (already hit) or even higher at the level of $209.89. However the bears have managed to make a Bearish Engulfing candlestick pattern after the level of $205.05 was violated, so the odds for another wave up are now lower. Any violation of the blue trend line will likely result in another wave down towards the levels of $193.78 and $188.86, so please keep an eye on current price developments around this levels .

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.







Performed by Sebastian Seliga
Analytical expert
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