empty
28.09.2022 08:45 AM
Technical Analysis of ETH/USD for September 28, 2022

Crypto Industry News:

We are almost two weeks after the historic moment of the Merge, i.e. the transition of the Ethereum network to the Proof-of-Stake model. Due to the abandonment of ether extraction with the existing PoW model and the failure to take off the ETHPoW blockchain resulting from the fork, many former ETH miners complain that they have no idea what to do next.

Following the merger, many ETH mining professionals began discussing their future on Twitter. Internet services have contacted several former Ethereum miners to find out what their plans are. The information obtained shows that the mood in this community is currently gloomy, as for many miners nothing is clear about the next steps. Former miner Christian Ander told the service:

"Honestly, I don't know which way to go yet. Selling GPU power to other compute-intensive services isn't as profitable as mining ETH. I'm researching myself, and my colleagues are looking for new options for themselves."

The former miner recalls that "GPU owners are researching and selling their devices' computing power to another cryptocurrency project, and when energy prices are very high, they shut down and sell excess power to the grid." Ander admitted that he is not mining any cryptocurrencies at the moment and is only observing the market.

Another former Ethereum miner, Kevin Aguirre, said he sold his equipment to a person who is now using it to mine other coins. However, it states:

"I have a little bit of regret about how the adventure with my mining machine ended, but it finally supported me and my family during the pandemic."

At a time when Ethereum used the Proof-of-Work algorithm, GPUs were quite popular. After the Merge almost two weeks ago, GPU manufacturers began to record heavy losses.

Technical Market Outlook:

The ETH/USD pair had reversed all the recent gains made after the bounce to the level of $1,399 and is currently trading around the demand zone seen between the levels of $1,288 - $1,257. After the aggressive and dynamic reversal, the next target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.

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

Trading tips on crypto market on March 27 (North American session)

Bitcoin didn't show anything interesting in the first half of the day. Only Ethereum could be traded a bit within its sideways channel, in which it is still trapped. Meanwhile

Miroslaw Bawulski 15:16 2025-03-27 UTC+2

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Why Bitcoin's fall not over yet

Despite the recent growth of the cryptocurrency market, larger upward prospects and a return of Bitcoin to the $100,000 mark remain unrealistic for now. This is evidenced by data from

Jakub Novak 10:00 2025-03-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 25

Bitcoin and Ethereum have reached significant levels but failed to hold them. Bitcoin climbed to $88,600 before pulling back and now trades around $86,600. Ethereum also corrected after another failed

Miroslaw Bawulski 08:26 2025-03-25 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.