Technical Analysis of ETH/USD for November 25, 2020

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Technical Analysis of ETH/USD for November 25, 2020

Technical Analysis of ETH/USD for November 25, 2020

Crypto Industry Outlook:

The world’s first live streaming platform dedicated to cryptocurrencies will be launched in 2021. Ran Neuner, host of the CNBC Crypto Trader program, launched the first media channel devoted exclusively to cryptocurrencies. Named Crypto Banter, the station features a mix of news, opinion, interviews and live discussions with industry leaders.

Crypto Banter aims to be the world’s first crypto-based streaming platform, available 24 hours a day, 365 days a year. The new service aims to provide viewers with an alternative source of “trustworthy live information” that can be accessed at any time without having to look into the Crypto Twitter rabbit hole.

Crypto Banter, which is available on YouTube, is featured as a mix of CNBC, Joe Rogan Experience, and talk radio. Neuner has been educating the public about cryptocurrencies and blockchain since 2017, when it first launched Crypto Trader on CNBC. He also led a debate between Peter Schiff and Anthony Pompliano. At that time, Bitcoin was trading for less than $ 10,000.

Technical Market Outlook:

After making a new yearly high at the level of $620.52, the ETH/USD started a pull-back that reached the levels below $600 already. The nearest technical support is seen at the level of $573.30, 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. The next target for bulls is seen at the level of $700.

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 25, 2020

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/196628/