Crypto Industry News:
The Mexican crypto stock exchange Bitso joined forces with Donadora's crowdfunding platform to launch a cryptography-based donation system. The platform will help raise funds to buy food for the most affected families affected by the crisis caused by COVID-19.
According to a report published by Mexican media, each food package delivered will be worth 150 Mexican Pesos. This amount will be enough to feed families of 4-6 people in a given week. Donation options include both fiat currency and various cryptocurrencies such as Bitcoin, Ethereum and XRP. The local stock exchange said that cryptographic donations are a very effective method of financing by society. This is due to their decentralized nature and the fact that anyone in the world can participate in such an initiative.
Earlier, industry portals reported another cryptographic crowdfunding campaign carried out in April by the Italian Red Cross. The campaign was aimed at building advanced medical infrastructure to combat COVID-19 in Italy. Thanks to this venture, he managed to raise $ 10,000 in four weeks.
Technical Market Outlook:
The ETH/USD pair has made a new local high during the rally at the level of $216 and is currently consolidating the gains around the level of $210 in a narrow range. The momentum behind the move up is strong, but the market conditions are extremely overbought on the daily time frame chart, so the rally might be short-lived. Nevertheless, the next target for bulls is seen at the level of $217.65 and $225.84. The nearest technical support is seen at the level of $204.50.
Weekly Pivot Points:
WR3 - $259.01
WR2 - $231.70
WR1 - $222.59
Weekly Pivot - $197.56
WS1 - $188.48
WS2 - $163.94
WS3 - $154.56
Trading Recommendations:
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.
