FX.co ★ Technical analysis of ETH/USD for 17/02/2020:

Crypto Industry News:

Russia is apparently becoming an increasingly attractive market for cryptocurrency companies, as another large cryptocurrency platform adds Russian language support. Poloniex, a popular crypto exchange based in the United States, began offering Russian on its platform just three months after leaving the US market.

Announcing the news on the blog, Poloniex stated that he began to introduce a "partially local" version of Poloniex for Russian-speaking users.

The stock exchange noticed that the currently presented Poloniex interface in Russian is just a starting point, because the team translated only a small part of the platform. At the moment, the Russian Poloniex interface is indeed Russian, but only partially, because the main sections of the website, including ads, are still written only in English.

Many services, such as crypto exchange, margin trading and loans, have been translated along with the registration page. However, the main pages, including information such as Poloniex fees, user agreement, privacy policy and others are still presented in English in the Russian version of Poloniex.

In addition, the company also presented "local communities" along with Poloniex Poloneers on Twitter. The Poloniex Poloneers account on Twitter published the last posts before the announcement in Russian. The introduction of Russian on Poloniex Poloneers complements the already supported social posts in French, Spanish, German, Hindi and others.

Technical Market Overview:

The Ethereum market has finally made a move down over the weekend. After the Shooting Star candlestick pattern had been made at the H4 timeframe chart around the level of $288.01, the bears took control over the market and pushed the prices towards the levels of $259 first and then $235 next. Currently, the market is trading around the level of $251 after the shallow bounce has occurred. Only a sustained breakout below the level of $229.81 might result in a larger counter-trend corrective cycle as this is the key short-term technical support.

Weekly Pivot Points:

WR3 - $358.03

WR2 - $324.90

WR1 - $285.60

Weekly Pivot - $248.62

WS1 - $213.91

WS2 - $176.19

WS3 - $141.12

Trading Recommendations:

The wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be the wave 1 of the overall wave 3.