Crypto Industry News:

According to a series of filings filed with the US Securities and Exchange Commission on Friday, Coinbase insiders and early adopters sold a total of approximately $ 5 billion in shares on the first day of trading on the Nasdaq.

CEO Brian Armstrong sold 749,999 shares in three lots at prices ranging from $ 381 to $ 410.40 for a total of $ 291.8 million. While a Coinbase representative declined to comment due to the company being in a so-called “quiet period,” this would mean Armstrong has sold approximately 1.5% of its stake.

Another SEC filing revealed that Coinbase director and VC investor Fred Wilson sold 4.70 million shares for a profit of $ 1.82 billion. Union Square Ventures, a VC firm led by Wilson, sold $ 4.70 million shares from its fund in 2012 for proceeds of $ 1.82 billion, according to another filing. The fund is also listed as the 10% owner of Coinbase shares.

The combined sales of Wilson and his firm’s fund accounted for more than two-thirds of the $ 5 billion shares sold.

Software engineer and venture capitalist Marc Andreessen, who is Coinbase director and owner of more than 10% of the stock exchange, together with his company Andreessen Horowitz and two related entities sold a total of 1.18 million shares for 449.2 million dollars.

Technical Market Outlook:

The ETH/USD pair has crashed towards the level of $2,000 (the actual low was made at the level of $1.932) during the weekend. The bulls however manage to bounce and the long lower shadow was made at the daily candlestick. Ethereum is currently trading above the 50% Fibonacci retracement located at the level of $2,237 and is heading towards the technical resistance located at $2,288. The immediate technical support is seen at the level of $2,201.. The longer time frame chart still shows the up trend is intact.

Weekly Pivot Points:

WR3 – $3,314

WR2 – $2,2828

WR1 – $2,524

Weekly Pivot – $2,211

WS1 – $1,914

WS2 – $1,617

WS3 – $1,300

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $2,000, so only a weekly candle close below this level will invalidate the bullish scenario.

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

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