14.05.201907:59 Forex Analysis & Reviews: Technical analysis of Ethereum for 14/05/2019:

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Crypto Industry News:

Lucien Chen - former technical director (CTO) and co-founder of the Blockchain Tron (TRX) protocol - announced that he was leaving the project, claiming that it had become excessively centralized and deviated from the basic principles. Chen revealed his decision on the Medium blog.

In his statement, Chen describes the story of the Throne project and the successful development of TRX, until it becomes the 11th largest cryptocurrency. The former CTO said that regardless of this success, irreconcilable contradictions between him and co-founder Justin Sun made him leave the project.

Above all, Chen claimed that the project is no longer faithful to its basic principle of network decentralization - it becomes overly centralized and neglects the development of commercial Internet applications in its ecosystem. He criticized the mechanism of the DPOS consensus delegated by Tron, as well as the supervisory management and blocking of production nodes.

Technical Market Overview:

The ETH/USD pair has made a new higher high at the level of 210.97 and it was labeled as the top for the wave B of the developing irregular corrective cycle in wave 2. This means the market should now start the corrective cycle towards the next important technical support located at the level of 181.57 or even at 179.48. When the corrective move down is completed, the market should start the wave 3 to the upside.

Weekly Pivot Points:

WR3 - $255.44

WR2 - $227.68

WR1 - $210.10

Weekly Pivot - $184.14

WS1 - $165.18

WS2 - $137.00

WS3 - $119.84

Trading Recommendations:

The market has started the corrective cycle after the rally has been done, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. Any violation of the technical support at the level of $202.38 will accelerate the sell-off towards the next technical support at the level of $181.31.

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