FX.co ★ Technical Analysis of ETH/USD for November 27, 2020

Crypto Industry Outlook:

The user complained that PayPal temporarily blocked his account after using it for cryptocurrency day trading.

It turns out that PayPal users who use this service to trade high-frequency cryptocurrencies should expect their account to be blocked. One trader learned this lesson quite recently when the payment giant suspended his account for 180 days, which still has around $ 462. In addition to the likelihood of PayPal cryptocurrency trading accounts being suspended or closed, this situation also reveals some operator-side customer service shortcomings that could pose problems for cryptocurrency owners.

It seems that although PayPal recently introduced cryptocurrencies, the purpose of the service is turning into a source of funding for online purchases. As the company uses the no-charge model, day trading on the platform can cause the payment giant to bear a huge burden to cover transaction costs.

Technical Market Outlook:

After making the the yearly high at the level of $620.52, the market broken out of the acceleration channel and started the corrective cycle. During the first wave of correction the local low was made at the level of $483.10. The next target for bears is seen at the wall of support and the levels of support are: $487.79, $476.29, $472.42, $459.44 and $438.00. Please notice the weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $774.30

WR2 - $671.20

WR1 - $638.87

Weekly Pivot - $538.52

WS1 - $503.53

WS2 - $403.18

WS3 - $366.96

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $600, so any correction or local pull-back should be used to open the buy orders. Moreover, the bulls has hit the 38% Fibonacci retracement located at the level of $587.87. This scenario is valid as long as the level of $360 is broken.