Technical Analysis of ETH/USD for June 3, 2021

Crypto Industry News:

The new Nvidia 3070 Ti and 3080 Ti graphics cards will be launched with built-in Ethereum hash rate limiters when they go on sale later this month. Nvidia announced the pending release of new cards during the Computex 2021 live stream, where it revealed the specs and release dates for both models.

Of particular interest to cryptocurrency enthusiasts is Nvidia's decision to market cards with built-in limiters designed to limit their usefulness for Ethereum mining.

The company previously committed to creating a cryptographic card designed to mine Ethereum and other GPU-compatible cryptocurrencies. The move was intended to divert demand from potential cryptocurrency miners, however Nvidia's insistence on releasing all of the latest crypto-cryptographic GPUs suggests that this plan may not be as final as initially expected.

Nvidia recently stated in its Q1 earnings report that it is unable to accurately estimate the demand coming from cryptocurrency miners. This is despite the fact that 3000 Series cards sell up to 300% more than retail cards, amassing millions of dollars in estimated aftermarket sales.

Technical Market Outlook:

Since the ETH/USD pair had broken through the upper channel line around the level of $2,505, the bulls keep pushing the prices towards the key short-term technical resistance seen at the level of $2,914. The new local high during this move up was made at the level of $2,799. Nevertheless, as long as the price is still under the level of $2,914, the bears are still in full control of the market and the next target for bears is seen at the level of $1,729, $1,633 and $1,544. The nearest technical support is still seen at the level of $2,201.

Weekly Pivot Points:

WR3 - $4,688

WR2 - $4,131

WR1 - $2,922

Weekly Pivot - $2,341

WS1 - $1,141

WS2 - $579

WS3 - $181

Trading Recommendations:

Ethereum has lost more than 50% of the recent gains from the lows of March 2020 and now is currently in the counter-trend corrective cycle. The next long-term target for bears is seen at the level of $1,728 (61% Fibonacci retracement of the last wave up) and $1,420 ( January 2018 swing high). The up trend is resumed when the level of min. $3,000 is clearly violated.

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The material has been provided by InstaForex Company - www.instaforex.com

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