Technical Analysis of ETH/USD for June 5, 2023
June 5, 2023 9:24 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Crypto Industry News:
Sberbank, the largest bank in the Russian Federation, has announced that it will give everyone access to its internal decentralized finance (DeFi) platform. It wants to allow developers to test its capabilities.
Sberbank has announced that it will give developers access to its own decentralized financial solution called Community. Alexander Nam, head of the Blockchain Lab at the bank, stated that developers will be able to integrate their proprietary solutions with the platform during the tests.
The idea of creating the Sberbank Community platform was announced in February. At that time, however, the service was only at the stage of closed, internal beta testing. Product Director Konstantin Klimenko then stated that the open testing phase would start in March. As you can see, this one will start with some delay.
Sberbank’s Community is a Russian Ethereum-based project that aims to combine traditional banking services with cryptocurrencies, thus enabling customers to use innovative services with Russian rubles and with the support of a regulated financial institution.
It is possible that this is an introduction to other activities related to cryptocurrencies, because in spring 2022 the bank received a license to issue digital assets. It also carried out its first digital transaction through its subsidiary Sberfactory. As part of it, a financial instrument worth a billion rubles was issued with a 3-month maturity.
Technical Market Outlook:
The ETH/USD pair has been seen moving lower after a short period of consolidation just under the technical resistance located at the level o $1,916. The market is still under the bearish pressure and the next technical support is seen at the level of $1,839. The 61% Fibonacci retracement of the last wave up is seen at $1,825. The momentum is now slightly negative, but the market still trades below the short-term trend line resistance. Only a sustained breakout above the line would change the outlook to more bullish.
Weekly Pivot Points:
WR3 – $1,962
WR2 – $1,919
WR1 – $1,894
Weekly Pivot – $1,877
WS1 – $1,851
WS2 – $1,834
WS3 – $1,791
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: