Technical Analysis of ETH/USD for September 24, 2020

Crypto Industry News:

Catherine Coley, CEO of the US cryptocurrency exchange Binance, says the adoption of cryptocurrencies may be one of the only ways for companies to be "pandemic-proof" in the future.

In an online interview, Coley said cryptocurrencies may offer "uses beyond speculation" where investors can engage in e-commerce transactions, run new businesses, and other real-world uses such as mortgages:

"If you build a business in the next five years and don't treat digital assets as an ingredient, you are unconsciously stepping in. It's a pandemic-proof case."

The president continued that in the future, companies should draw inspiration from cryptocurrencies, which made talking about money more accessible to the average person, but also more accessible to professionals dealing with traditional finance.

"It's an industry that reaches a much different audience than finance. (...) there are so many benefits to it that people don't appreciate."

Coley has been CEO of Binance.US since 2019. Last month, the stock market announced that it had overcome regulatory hurdles to expand into Florida, Alabama and Georgia.

Technical Market Outlook:

The ETH/USD pair has broken out from a Triangle pattern as anticipated and hit the technical support located at the level of $321.95. The zone located between the levels of $321.95 - $305.20 is the key mid-term demand zone, so traders should expect some price reaction from this area. The key short-term technical resistance is seen at the level of $332.38 and $355.24.

Weekly Pivot Points:

WR3 - $426.36

WR2 - $409.08

WR1 - $387.32

Weekly Pivot - $370.45

WS1 - $348.67

WS2 - $331.18

WS3 - $309.49

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.


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