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FX.co ★ Technical Analysis of ETH/USD for September 16, 2020

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Forex Analysis:::2020-09-16

Technical Analysis of ETH/USD for September 16, 2020

Crypto Industry News:

The Swiss arm of Russia's largest bank is researching the blockchain-based trade finance process.

Sberbank Switzerland AG, a subsidiary of Russia's largest bank, Sberbank, has just signed an agreement with the Swiss trade finance platform Komgo. The cooperation between the two entities is to involve the use of a trade financing service based on blockchain technology.

Sberbank Switzerland AG told the media that the collaboration with Komgo was about "the increasing digitization of trade finance".

Evgeny Kravchenko, head of trade finance at Sberbank, emphasized that trade finance is a strategic activity of Sberbank Switzerland AG. According to the director, Russia and the Commonwealth of Independent States are the company's key markets. He added that Sberbank Switzerland AG also handles trade flows worldwide.

"In recent years, the digitization of trade finance has accelerated rapidly, in line with the needs of market players" - said Kravchenko, adding that trade financing by Komgo will further increase the effectiveness of Sberbank's operations.

It is worth recalling that Komgo is an innovative startup dealing with trade finance, which is developing a platform for financing trade in goods based on the Ethereum blockchain. One of its goals is to accelerate trade finance transactions as well as allowing interested parties to track the transaction.

Technical Market Outlook:

The ETH/USD pair has been testing the lower channel line around the level of $355.24 after the price had made a Bearish Engulfing candlestick pattern at the level of $389.91 and reversed lower. Currently, the market is consolidating in a narrow zone between the levels of $355.24 - $369.37 and due to the fact, that the last move inside the channel is corrective in nature, more weakness is expected in ETH/USD pair. The next technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288.

Weekly Pivot Points:

WR3 - $460.14

WR2 - $422.13

WR1 - $395.03

Weekly Pivot - $357.60

WS1 - $326.67

WS2 - $291.16

WS3 - $261.17

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.

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Sebastian Seliga
Analyst InstaForex
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