Ethereum ETHJPY Update: Ethereum struggled last week after China and South Korea both announced crackdowns on one of the key use cases of the decentralized blockchain, the so-called “Initial Coin Offerings” or ICO. However, the Ethereum network set a new throughput record by the end of the week, processing over a half million transactions in less than a 24 hour period.
Get my updates. Free.
So it looks like, despite all the news attention being focused on the Chinese ICO ban, Bitcoin, and Ripple’s lawsuit, Ethereum has quietly continued to grow in the number of users and computational power.
Technical Points: Ethereum ETHJPY
From a technical standpoint, Ethereum has cleared a similar path versus both the USD and the JPY. The pairs seem to be in the middle of forming a Double Top chart pattern, with the Tenkan line crossing below the Kijun line in the Ichimoku Kynko Hyo’s daily setup.
Versus the Japanese Yen, Ethereum has even tested the upper band of the daily Ichimoku cloud which also falls on the 50% Fibonacci retracement level. If the 31,660 support level fails to hold, we could see further pullbacks towards 27,500 in September.
Become master of trading. Start with Invest Diva’s books!
Disclaimer (1): As 4th point of the IDDA, you must calculate your risk tolerance before deciding on which trading strategy is suitable for your portfolio. We normally do not recommend trading without three or more confirmation of a specific direction from technical, fundamental and market sentiment points of view.
Disclaimer(2): Forex is one of the HIGHEST risk investing instruments there is. If you don’t have sufficient risk tolerance to trade forex, you can try investing other online securities.
For further insights on our strategy and where to set your sell limit order and profit taking levels based on your RISK TOLERANCE, join our investing group.
Never Miss Out on Winning Trading Strategies: Sign Up NOW!
Combining all points of the IDDA, here are Invest Diva’s calculations for important approximate levels to keep an eye on:
|Support Levels||Turning Point||Resistance Levels|
– What Levels Could BTC/USD Pullback To?
– Litecoin Hits All Time High Versus USD.
– ETH/JPY Higher as Mark Cuban Launches Ethereum-Based Mercury Protocol.