FX.co ★ Technical analysis of ETH/USD for 10/12/2019:

Crypto Industry News:

Istanbul's Ethereum Hard Fork took place as planned and saw the light of day with block 9069000. Co-founder Ethereum Vitalik Buterin personally congratulated the node that brought the transition block to the new chain.The market did not pay attention to Istanbul, and Ethereum gained little after the hard-fork. One of the most anticipated updates seems not to have as much impact on the market as originally expected. The announcement of Istanbul's success was not accompanied by a high volume. Currently, several hours after the event, Ethereum is valued at slightly over $145.In the Ethereum network, there will be even more forks in the future. The problem with them is that it requires node operators to update their mining protocols. At the same time, it should be remembered that the Ethereum Foundation and investors, however, do not view this event like a hard fork. For them, this is one of many stages of the path that is taking great steps towards Ethereum 2.0.

Technical Market Overview:

The ETH/USD pair has broken above the short-term trendline during the weekend and made a local high at the level of $150.96. Currently, the market is coming off the highs and is testing the breakout from above (around the level of $145.00). From a wider perspective, the market is still trading inside of a narrow range located between the levels of $151.37 - $142.24 and the market participants are waiting for a breakout from this range.

Weekly Pivot Points:

WR3 - $162.22

WR2 - $157.56

WR1 - $153.69

Weekly Pivot - $148.38

WS1 - $144.67

WS2 - $138.97

WS3 - $135.22

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.