FX.co ★ Technical Analysis of ETH/USD for July 22, 2020:

Crypto Industry News:

Mastercard is reaching out to cryptocurrency companies and encouraging them to apply for partner status as part of its newly expanded cryptocurrency card program. The company announced that it is simplifying access to its Accelerate program for cryptographic card issuers, allowing candidates to join the program as partners "within a few weeks."

The Accelerate program, now upgraded for crypto card applicants, provides partners with go-to-market support, continual growth and international expansion. The new crypto partners will be helped to integrate Mastercard's technology and will be able to benefit from the company's knowledge of cybersecurity and market research. While Mastercard is streamlining access to its program for crypto companies, it insists that all partners must adhere to its "core rules".

These include ensuring sound consumer protection (ensuring the privacy and security of users), complying with relevant laws and regulations, such as anti-money laundering laws, and establishing a level playing field for all stakeholders such as financial institutions, retailers and mobile operators.

"The cryptocurrency market is still maturing and Mastercard is driving it forward, creating a secure experience for consumers and businesses in today's digital economy."

Said Raj Dhamodharan, executive vice president of digital assets, Blockchain products and partnerships at Mastercard.

In parallel to addressing its cryptocurrency partners, Mastercard also announced that London-based crypto payment processor Wirex has become the first native cryptocurrency platform to be awarded a major Mastercard membership, allowing it to issue crypto payment cards directly.

Technical Market Outlook:

The ETH/USD pair has finally broke through the short-term trend line resistance and made a new local high at the level of $246.34. Since then the price has been consolidating around the level of $243.00. The nearest technical support is seen at the level of $241.32 and $239.33. The momentum is still positive abd strong, so the Ethereum bulls can still attack the supply zone located between the levels of $248.86 - $252.03.

Weekly Pivot Points:

WR3 - $258.07

WR2 - $250.97

WR1 - $242.31

Weekly Pivot - $235.59

WS1 - $227.18

WS2 - $291.82

WS3 - $211.48

Trading Recommendations:

The volatility on Ethereum is now lower than usual, so all the dynamic moves up and down might reverse quickly. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred. The next key technical support is seen at the level of $174.82.