Crypto Industry News:
The cryptocurrency mining market in Vietnam is booming, and cryptocurrency entrepreneurs and enthusiasts in Vietnam have witnessed a significant increase in demand for cryptocurrency mining platforms in the country.
Quang Thuan, owner of a chain of stores selling cryptocurrency miners across Ho Chi Minh City, said the company's sales tripled in early September from the previous month. He noted that the mining rigs market in Vietnam fell before Bitcoin rose back above $ 50,000.
Growing demand has caused the prices of cryptocurrency miners to rise significantly. Some devices are currently priced at $ 220 more than in mid-August, according to local cryptocurrency mining enthusiast Ngoc Van. The best-selling AMD or Nvidia GPU-based excavators now reportedly cost between $ 3,500 and $ 4,400, he added.
According to Le Hung, administrator of the local cryptocurrency mining community of nearly 80,000 members, the cryptocurrency mining market in Vietnam has heated up with the resumed cryptocurrency raid and the ongoing COVID-19 pandemic.
The Vietnamese government remained skeptical about the cryptocurrency industry, and the Ministry of Finance warned the public earlier this year that cryptocurrencies are unregulated in the country. Following the 2018 ban on cryptocurrencies as a means of payment, Vietnamese authorities are urging the public to avoid cryptocurrencies.
Technical Market Outlook
The ETH/USD pair has made a new swing high at the level of $4,029 and so far keeps consolidating the recent gains around this level. The next target for bulls is seen at $4,204, but the market conditions remains extremely overbought. The nearest technical support is seen at $3,842, but the intraday support is seen at $3,895. The short-term outlook remains bullish and there is no up trend reversal indication on the higher time frame chart yet.
Weekly Pivot Points:
WR3 - $5,271
WR2 - $4,663
WR1 - $4,404
Weekly Pivot - $3,750
WS1 - $3,518
WS2 - $2,851
WS3 - $2,607
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.