FX.co ★ Technical Analysis of ETH/USD for November 11, 2020

Crypto Industry Outlook:

Japanese company Layer X has announced the development of a blockchain-based electronic voting system as part of Tsukuba City's broader 'smart city' initiative.

The Tokyo-based company said the new system would meet the technical needs of electronic voting, including preventing double voting, keeping voting content accurately, voter confidentiality and managing operational records.

In addition, it will allow voters to check their own voting results, providing a cryptographic possibility to verify that the processes of recording and aggregating votes in the blockchain network have been carried out correctly.

Layer X explained that through the new system, the company aims to move to electronic voting in local governments. He also indicated that he is working on strengthening efforts to solve technical problems related to digital transformation (DX) of various administrative services.

Layer X also announced that he would join Tsukuba's Smart City Council, Ibaraki Prefecture, with the goal of turning Tsukuba into a "smart city" and bringing it into the digital age.

The coronavirus pandemic has prompted many countries and local states to develop blockchain-based online voting options. Russia has already experimented with blockchain-based electronic voting, and has also posted the platform's source code on GitHub.

Similarly, the French municipality of Verneuil-sur-Seine voted on the road project via a blockchain-based app, and the Michigan Democratic Party announced a successful experiment with electronic voting via the blockchain-based Voatz platform.

Technical Market Outlook:

The ETH/USD pair has broken out from the triangle pattern and is approaching the key swing seen at the level of $466.36. The level of $424.65 will now provide the intraday support and the level of $400 will now act as a key technical support. The next target for bulls is seen at the swing high at $466.36 and then $500. Only if a daily candle closes below $360 level, then the bears will have full control of the market.

Weekly Pivot Points:

WR3 - $594.51

WR2 - $529.18

WR1 - $494.37

Weekly Pivot - $431.37

WS1 - $395.52

WS2 - $336.56

WS3 - $301.67

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $500, so any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $309.61 is broken.