Technical analysis of ETH/USD for 03/09/2019
Technical analysis of ETH/USD for 03/09/2019

Crypto Industry News:

The German Federal Government and the German Central Bank Deutsche Bundesbank work closely together on issues related to the central bank's digital currency (CBDC).

On August 29, the German Federal Parliament (Bundestag) published official feedback at the request of the Free Democratic Party parliamentary group, which asked the authority to answer six CBDC related questions in July 2019.

In a document of August 16, the federal government answered all of the group's questions, citing the most important reports and surveys in space, including the January report of the Bank for International Settlements (BIS). When asked about their knowledge or insights about CBDC, the authority quoted BIS, claiming that 70% of global central banks are involved in CBDC work, but only two percent have specific plans to issue money from a digital central bank.

The federal government has emphasized that Sweden is the only country in the European Union that is currently considering the release of CBDC. However, the authority did not make the final decision on the issue.

The authorities outlined the situation of the Chinese central bank, which launched a research program on a possible CBDC issue in 2014, but it still lacks clarity on this issue. The authority also cited the Petro project in Venezuela, citing the Reuters report of 2018, which claimed that there were still no transactions in the domestic oil-backed cryptocurrency.

Technical Market Overview:

The ETH/USD pair is still trading inside of the short-term descending channel, so only an impulsive move out of the channel can give a signal for the market participants to resume the uptrend on this pair. The breakout level would be around the level of $181.92. Despite the fact, that the wave Z of the overall corrective cycle might have been completed already, the bulls are not showing any strength on the market yet, which is why the price is trading below the trendline. If, however, the leve of $181.02 is clearly violated, the next target for bulls is seen at the level of $187.04.

Weekly Pivot Points:

WR3 - $214.26

WR2 - $203.46

WR1 - $183.94

Weekly Pivot Point - $173.24

WS1 - $152.37

WS2 - $142.84

WS3 - $121.31

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.

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