Crypto Industry News:

The second largest cryptocurrency by market capitalization not only hit an all-time record last month, but also recorded a number of other important milestones.

In terms of prices, investors saw their highest monthly close in history as the coin closed the month at $ 1,313, breaking the previous record set in the summer of 2019 and also confirming the 20-month moving average above the 50-month average. From the point of view of the price outlook, this indicator definitely has a bullish sentiment.

Ethereum entered the month of February with a market capitalization of more than $ 151 billion, which is just under 15% of the value of all cryptocurrencies. It also means that the two biggest cryptocurrencies, bitcoin and ethereum, have a combined dominance of 75%, leaving the rest of the stake far behind.

As Money Movers data shows, ethereum outperformed bitcoin in daily transfer value, reaching $ 19.1 billion per day – compared to $ 9.78 billion in Bitcoin.

Technical Market Outlook:

The ETH/USD pair has made a new all time high at the level of $1,575 (at the time of writing the article), so the breakout from the triangle pattern was good. The next target for bulls is seen at the level of $1,600. The key technical support is located at the level of $1,414 (2017 high). The intraday support is located at $1,500. The long term up trend is still intact and there is no indication of trend reversal or termination.

Weekly Pivot Points:

WR3 – $1,679

WR2 – $1,589

WR1 – $1,419

Weekly Pivot – $1,318

WS1 – $1,150

WS2 – $1,040

WS3 – $882

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.


The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.