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Technical Analysis of ETH/USD for July 5, 2021

Crypto Industry News:

The Security Service of Ukraine discovered and closed an illegally operating crypto-farm in the Chernihiv region in the north of the country. Unidentified owners illegally connected the facility to the electrical transformer substation of the regional power grid.

The mining farm had 150 ASICs running on stolen electricity. During the confiscation, the equipment and other components were confiscated. The excavators were installed in rented storage facilities and burned energy for around 3 million Ukrainian hryvnias, or nearly $ 110,000, in just two months.

According to law enforcement, the substation to which the miners were connected supplies the Nizhin Ambulance Service, the municipal water supply company and other important facilities. Part of the region may have been deprived of electricity as the mining farm could have caused breakdowns and supply interruptions.

Apparently, the owners of the farm tried to hide the theft from the local power company by installing specialized equipment to lower the meter readings. The investigation is ongoing.

The Ukrainian security service has recently been quite active in the cryptographic space and this is not the first operation of this type this year. In early June, the SBU found a crypto-farm illegally connected to the power grid in the Dnipropetrovsk region. Agents confiscated 350 mining rigs that had illegally used electricity worth more than $ 70,000 in three months, according to a press release.

Cryptocurrencies have not yet been regulated in Ukraine. However, the authorities in Kiev are still considering appropriate regulations for the developing industry.

Technical Market Outlook:

The ETH/USD pair has broken through the 61% Fibonacci retracement at the level of $2,228 and made a new local high at the level of $2,394. Currently, the market is testing the technical support seen at the level of $2,256. The momentum is now strong and positive, so the next target for bulls is seen at the level of $2,453. On the other hand, any violation of the level of $2,043 will likely expose the level of $1,941 for a test again.

Weekly Pivot Points:

WR3 - $3,160

WR2 - $2,743

WR1 - $2,603

Weekly Pivot - $2,208

WS1 - $2,064

WS2 - $1,646

WS3 - $1,514

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.


The material has been provided by InstaForex Company -