empty
23.09.2021 09:40 AM
Technical Analysis of ETH/USD for September 23, 2021

Crypto Industry news:

Mining company BIT Mining plans to invest $ 12.14 million in developing an 85-megawatt cryptocurrency mining center in Ohio.

BIT Mining, which owns all of the mining operations operating under BTC.com, has entered into a joint venture agreement with Viking Data Centers to establish a Bitcoin mining facility.

Under the agreement, BIT Mining will pay Viking Data $ 10.84 million in cash, and the remaining amount will be settled in cash or company shares. Following an investment in Viking Data and a subsequent agreement, BIT Mining will own 51% of Ohio's new Bitcoin mine.

Dubbed the "Ohio Mining Site", the planned 85 MW facility will be developed in three phases. In the first stage of development of the facility, by October 15, 2021, the capacity will reach 11 MW, and in the second and third stage, it will increase by 39 and 35 MW, respectively.

Ohio Mining Site is one of many Bitcoin mines to be launched in the United States due to the constant migration of mining capacity to various locations in North America.

After cryptocurrency mining was suppressed in China, miners were forced to move their equipment overseas. North American mining companies seized the opportunity to expand their market share, and large companies purchased additional platforms for their facilities.

Technical Market Outlook

The ETH/USD pair has confirmed the termination of the ABC corrective cycle at the level of $2,644 after the successful breakout above $3,122. The next target for bulls is seen at the level of $3,185, $3,274 and $3,337. The bounce is impulsive and dynamic in nature, so there is a possibility of a new up trend to unfold soon. The market conditions are bouncing from the oversold levels, so the bulls might hit the level of $3,159 today (50% Fibonacci retracement of the last wave down).

Weekly Pivot Points:

WR3 - $4,190

WR2 - $3,923

WR1 - $3,621

Weekly Pivot - $3,349

WS1 - $3,067

WS2 - $2,787

WS3 - $2,498

Trading Outlook:

Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.

This image is no longer relevant

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trump makes another step towards crypto market

Bitcoin and Ethereum plunged late yesterday but then managed to recover their positions. For now, the bears still have more strength than the buyers, but this may only be temporary

Jakub Novak 16:38 2025-04-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 11

Bitcoin and Ethereum dropped in value toward the end of Thursday's U.S. session but recovered during today's Asian trading hours. It has become common practice that the crypto market declined

Miroslaw Bawulski 09:28 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 11, 2025

With the appearance of divergence between the price movement of the Polkadot cryptocurrency and the Stochastic Oscillator indicator on its 4-hour chart, as long as there is no weakening correction

Arief Makmur 08:52 2025-04-11 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday April 11, 2025.

From what is seen on the 4-hour chart of the Uniswap cryptocurrency, there appears to be a divergence between the Uniswap price movement and the Stochastic Oscillator indicator, so based

Arief Makmur 08:52 2025-04-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 10

Bitcoin and Ethereum both surged, gaining between 6% and 10% on news that Trump had suddenly changed his mind. A strong wave of FOMO is evident in BTC following news

Miroslaw Bawulski 08:05 2025-04-10 UTC+2

Bitcoin under selling pressure. Why even spike could hardly save bulls

Bitcoin is taking a nosedive, funds are reporting losses, and analysts see no reasons for growth. What is happening with the leader of the crypto market? What

Ekaterina Kiseleva 12:07 2025-04-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 9

Bitcoin and Ethereum collapsed by the end of Tuesday, continuing the heavy sell-off during today's Asian session. Another sharp decline in the U.S. stock market dragged other risk assets down

Miroslaw Bawulski 09:22 2025-04-09 UTC+2

Another Cryptocurrency Market Crash

Another collapse in the stock markets has also hit the cryptocurrency market. Investors, fearing further declines, began to massively offload digital assets, which triggered a sharp drop in the prices

Jakub Novak 09:22 2025-04-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 8

Bitcoin and Ethereum are gradually recovering after the sharp sell-off earlier this week. The situation in the U.S. stock market and its sharp decline are closely tied to the fall

Miroslaw Bawulski 09:25 2025-04-08 UTC+2

Bitcoin – Technical Analysis Overview

Currently, the market is testing monthly support levels at 79,773 – 75,446. A consolidation below this area would give bears control over these levels and invalidate the Ichimoku weekly golden

Evangelos Poulakis 07:36 2025-04-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.