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FX.co ★ Technical Analysis of ETH/USD for November 24, 2020

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Forex Analysis:::2020-11-24T07:22:33

Technical Analysis of ETH/USD for November 24, 2020

Crypto Industry Outlook:

Ethereum 2.0 needed at least 16,384 validators who blocked a total of 524,288 ETH in order to run the blockchain in the proof of stake consensus. Yesterday morning, practically an hour before the deadline, this condition was met.

Not so long ago, there were fears that Ethereum 2.0 will not be able to achieve the goal, the fulfillment of which will enable the change of the network consensus from December 1. To take off, Ethereum 2.0 needed at least 16,384 validators who would block a total of 524,288 ETH on the deposit contract by November 24th.

Yesterday the deposit contract included "only" 50% of the required funds. Only in the last 24 hours, the last required amount of more than 150,000 ETH has been deposited.

The last 25% of the ETH needed to run the contract, on the other hand, was deposited within four hours. Yesterday at 23:45, there was 385 440 ETH on the contract.

Technical Market Outlook:

The up trend on ETH/USD continues and the new yearly high has been made at the level of $618.62 (at the time of writing the article), so the target for bulls is seen at the level of $700. The nearest technical support is seen at the level of $600, but the key technical support is located at the level of $548.50. Please notice, the momentum is strong and positive and the market is continuing the up trend, but the bulls has hit the 38% Fibonacci retracement located at the level of $587.87, so a pull-back is welcome.

Weekly Pivot Points:

WR3 - $774.30

WR2 - $671.20

WR1 - $638.87

Weekly Pivot - $538.52

WS1 - $503.53

WS2 - $403.18

WS3 - $366.96

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.

Technical Analysis of ETH/USD for November 24, 2020

Analyst InstaForex
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