Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of ETH/USD for 26 June 2020

Crypto Industry News:
A terrorist organization known as the Islamic State of Iraq and Syria, or ISIS, is beginning to switch to Monero to accept donations from the public.

As the intelligence company Whitestream reports, an information website related to the terrorist organization and the jihadist movement updated its donations page on June 21 to accept Monero only. According to the tutorial page published by Monero, the payment method is more secure and cannot be traced. The site then explains how users can buy and ship Monero while providing the XMR address.

Previously, the site accepted donations in Bitcoin. According to Whitestream, the organization has consolidated the received Bitcoins at one address, which currently contains 0.295 BTC worth approximately $ 2,700.

The site publishes news about the reported "successes" of the organization, which since its expulsion from Syria, Iraq and Libya, operates primarily underground in the Egypt region of Sinai and Northern Nigeria.

While many regulatory steps taken for cryptocurrencies are aimed at limiting this exact type of activity, the recent Chainalysis report refutes the widespread belief that cryptocurrencies play a significant role in terrorist financing. Among speculations about ISIS war chests hidden in Bitcoins, Chainalysis said less than $ 10,000 was collected for cryptocurrency terrorism, and it is unlikely that they would use cryptocurrencies to store their oil revenues.


Technical Market Outlook:
The ETH/USD pair has been consolidating in a narrow range after a bounce from the level of $226. Any sustained violation of the nearest technical support located at the level of $225.84 might accelerate the drop towards the next support seen at the level of $217.42. This is the key short-term technical support for bulls, so it might be well defended and some kind of a price bounce should be expected if the price hit this level.

Weekly Pivot Points:
WR3 - $257.09
WR2 - $246.02
WR1 - $2437.53

Weekly Pivot - $227.45
WS1 - $218.65
WS2 - $207.59
WS3 - $198.98


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 shor







Performed by Sebastian Seliga
Analytical expert
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