Technical Analysis of ETH/USD for March 17, 2021

Crypto Industry News:

A software update released by Nvidia inadvertently bypassed the Ethereum mining lock that the company placed on its own GeForce RTX 3060 graphics card.

An Nvidia spokesman confirmed that the latest driver update 470.05 was mistakenly released with code intended for use only by Nvidia's developers, which allowed the limiter to be removed.

"The driver inadvertently contained code used for internal programming that removes the limiter on the RTX 3060 in some configurations," said an Nvidia spokesman

In February, Nvidia decided to deliberately limit the Ethereum mining efficiency of its RTX 3060 series graphics cards to prevent a demand-driven shortage caused by cryptocurrency miners. The triple handshake between the computer's hardware, software and firmware was to ensure that the card would recognize when it is being used to mine Ethereum and cut its processing power in half, from 50 to 25 MH / s.

However, the back door that allowed the card limiter to be bypassed came from the software side and was released by Nvidia itself. This update has already been phased out by a software company, but versions have already hit the web.

Technical Market Outlook:

The ETH/USD pair has been seen consolidating inside of a narrow zone located between the levels of $1,720 - $1,816 for more than two days now. Moreover, the consolidation zone is very close to the lower channel line that was recently violated and now bulls are not quite able to come back up inside the channel. The market participants await for the breakout towards the level of $1,834 and $1,873 (bullish breakout) or $1,694 and $1,648 (bearish breakout). The momentum remains neutral, so the odds for the breakout are equal now.

Weekly Pivot Points:

WR3 - $2,266

WR2 - $2,113

WR1 - $1,975

Weekly Pivot - $1,820

WS1 - $1,716

WS2 - $1,552

WS3 - $1,423

Trading Recommendations:

The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,100. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.

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

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