ETHUSD (Ethereum) – Week 39 – Reaching the resistance?

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
The world's largest Ethereum mining pool has said it will stop providing services to miners based in mainland China. Hangzhou-based Sparkpool said in an announcement on Friday it will release more details about the suspension. At the same time, Sparkpool said the decision is in response to the latest regulatory policy pronouncements out of China. The news comes just hours after the People's Bank of China and the National Development and Reformation Commission (NDRC) dropped statements regarding further crackdowns on crypto trading and mining activities.

From a technical perspective, Ethereum continued its downward path that began on the 16th of September, reached the support area where on the 22nd of September reversed sharply only to retest again the support area yesterday with the breaking of the news from China. For this pair we see a higher probability for a move to the upside to reach at least the orange trendline. Potential area to watch for continuation or reversal is the 3180-3190 USD area.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.