Technical analysis of Ethereum for 23/04/2019

Crypto Industry News:

The central bank of Russia reviewed the potential benefits and disadvantages of central bank digital currencies (CBDC), as we read in the published report.

In the document entitled “Is there a future of central bank digital currency”, the Central Bank of the Russian Federation presented a number of potential benefits from CBDC, such as their ability to reduce transaction costs in the economy, as well as providing assets that are less risky and more liquid. However, the Bank of Russia noted that the CBDC’s potential for minimizing transaction costs can only be realized if the CBDC technical solution offers a better tool in terms of ease of payment and savings compared to fiat money and debit cards. Recognizing the sufficient advantages of CBDC, the central bank indicated the lack of CBDC anonymity as the only potential disadvantage, namely the inability of CBDC to provide the same level of anonymity that gives cash.

Technical Market Overview:

The ETH/USD pair is still trading below the recent local top of the wave (1) of the lesser degree located at the level of 175.11 Nevertheless, the bounce from the level of 163.27 looks strong and there is still a chance for a rally towards the level of 177.13 and even towards the top of the wave 1/A located at the level of 183.34. The positive momentum supports the short-term bullish bias

Weekly Pivot Points:

WR3 – 198.18

WR2 – 186.32

WR1 – 175.54

Weekly Pivot – 163.96

WS1 – 153.36

WS2 – 141.23

WS3 – 129.71

Trading recommendations:

Daytraders should pay attention to price behavior and a possible breakout higher, through the level of 175.82. After this level is violated, the next resistance is seen at the level of 177.13 and then there is an empty room for a spike upwards towards the recent top of the wave 1/A. Buy stop orders should be used to trade this bullish setup and protective stop loss should be placed as well.

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