FX.co ★ Technical Analysis of ETH/USD for February 12, 2021

Crypto Industry News:

The director of BitRiver, the largest provider of mining business collocation services in Russia, stated that a local customer received over 20,000 cryptocurrency mining devices. The Russian press agency Kommersant was the first to inform about the above fact.

BitRiver founder and CEO Igor Runets said the total mining capacity of the imported equipment is 70 MWh. According to various estimates, this represents the largest single batch of cryptocurrency mining hardware in Russia. Runets confessed that the hardware was delivered in December 2020 and was immediately set up to mine Bitcoin (BTC) in Bracko - a Russian city that has one of the country's largest hydropower plants.

Runets noted that the mining equipment was brought from Asia. The company cannot disclose either the name of the Russian customer or the name of the country from which the equipment was delivered.

BitRiver also did not disclose the exact type of the imported cryptocurrency miners. According to Kommersant, the price of the imported batch varies between $ 40 and $ 60 million.

Technical Market Outlook:

After the ETH/USD pair had made another swing high at the level of $1,836, the Doji candlestick pattern on the H4 time frame chart has been made, so the market has been consolidating the recent gains in a narrow range located between the levels of $1,745 - $1,800. The next target for bulls is seen at the level of $1,904 (161% Fibonacci extension of the wave C). The intraday technical resistance is located at the level of $1,745. The momentum is strong and positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.

Weekly Pivot Points:

WR3 - $2,306

WR2 - $2,035

WR1 - $1,838

Weekly Pivot - $1,545

WS1 - $1,349

WS2 - $1,062

WS3 - $860

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.