Crypto Industry News:
The exchange's trading platform recorded an event the day before yesterday, which surely made many hearts beat faster. Ethereum, the second largest cryptocurrency, has undergone a flash crash on the Kraken stock exchange.
In a one-hour candlestick, the price of ETH plunged to $ 700 - a massive 63% drop from the stock market's daily high. The volume of this hourly candle was also significant. A total of 75,500 ETH worth approximately $ 131.5 million was passed by traders from its opening to closing.
"Please don't trade with leverage if you are not aware of the risks"
That's what Jesse Powell from Kraken said to one of the users who got upset after the significant drop in the ETH / USD rate is racing Kraken. As the cryptocurrency markets plunged on Monday, the Kraken ETH price hit $ 700. As previously reported, the lowest level of Coinbase for ETH at that time was just over $ 1,500.
Shortly thereafter, Jesse Powell posted on Twitter an explanation that the flash crash in the ETH market was due to extreme selling rather than a failure of the stock exchange's trading engine.
Technical Market Outlook:
The ETH/USD has been seen approaching the level of $1,365 again after the recent ETH bounce had been capped at the level of $1,700, which is the 50% Fibonacci retracement of the last wave down. The nearest technical resistance is located at the level of $1,648 and if this level is violated, then the next targets for bulls are $1,700 and 1,779 again. The intraday support is seen at the level of $1,438. Please notice the momentum is still weak and negative, so that might be the end of the correction. The weekly and monthly time frame trend is still up. The bullish scenario is valid as long as the level of $1,365 is broken.
Weekly Pivot Points:
WR3 - $2,476
WR2 - $2,254
WR1 - $2,101
Weekly Pivot - $1,876
WS1 - $1,724
WS2 - $1,492
WS3 - $1,337
Trading Recommendations:
The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,100, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $1,412 is broken.
