Relevance up to 08:00 2022-08-20 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Crypto Industry News:
The well-known Australian gas station brand On The Run (OTR) has today launched a cryptocurrency payment service at its 175 points. They are located in Victoria, South Australia and Western Australia.
This is a consequence of establishing cooperation between the OTR company and the Singapore cryptocurrency exchange and DataMesh - the national provider of payment systems. The stock exchange is responsible for providing the Pay Merchant service as a payment settlement layer, and Datamesh supplies the points of sale with terminals.
The next steps that OTR's parent company, Peregrine Corp, intends to take are the introduction of cryptocurrency payments at another 250 retail outlets in Australia. We are talking about places such as Subway, Oporto and Krispy Kreme. Mohan also announced that Crypto.com does not charge additional fees for transactions carried out in this situation. However, a top-down fee will be charged on the part of the seller who will set the rates for the products and services himself. It looks like the transaction costs will be equal to the cost of paying with a fiat card.
Technical Market Outlook:
The ETH/USD pair has fell out of the channel around the level of $1,880 and is broke below the technical support located at $1,819. At the time of writing the analysis, the new local low was made at the level of $1,805. The momentum had violated the level of fifty already and it points to the south indicating a strong bearish activity. The nearest technical resistance is seen at $1,915 and must be clearly violated in order to continue the up move. The key short-term technical support is located lower, between the levels of $1,785 - $1,756.
Weekly Pivot Points:
WR3 - $2,132
WR2 - $2,042
WR1 - $1,986
Weekly Pivot - $1,953
WS1 - $1,897
WS2 - $1,864
WS3 - $1,775
Trading Outlook:
The down trend on the Ethereum might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next key psychological level for bulls is located at $2,000 and needs to be clearly violated before any extension higher.
