FX.co ★ Technical Analysis of ETH/USD for March 22, 2021

Crypto Industry News:

Unlike rival GPU maker Nvidia, AMD won't try to stop miners from using their latest GPUs to mine cryptocurrency. The producer noted, however, that they were designed with players in mind.

Hardware giant AMD does not plan to impose any artificial restrictions on the use of the computing power of its new graphics cards. The company announced this fact during a brief on the Radeon RX 6700 XT.

"The short answer to that question is no. We will not be blocking any load, not just mining, "said Nish Neelalojanan, product manager at AMD.

Nvidia, AMD's main competitor, recently announced that it will put restrictions on the new GPU that will impact mining performance on the Ethereum network. The company, however, released a developer version of the driver for its RTX 3060 GPU, which allowed users to bypass the hash rate limits.

According to Neelalojanan, AMD will not try to interfere with cryptocurrency mining. There is, however, a catch. Neelalojanan explained that AMD optimizes its chips primarily for gamers. "It is the players that will benefit a lot from this and it will not be an ideal solution for the cryptocurrency mining job," he said.

An AMD representative explained that AMD's RDNA GPU architecture was designed from the ground up for gaming. He added that the mining industry "particularly enjoys" high bandwidth, and therefore - from an architectural point of view - there will still be some limitations.

Technical Market Outlook:

The ETH/USD pair has been trading in a relatively narrow range located between the levels of $1,873 - $1,721 during all the weekend. Nevertheless, it looks like the lows are being bought back up because a lot candles had a long lower shadows, which is clearly visible on the daily time frame chart. Any violation of the level of $1,887 will encourage the bulls to test the recent high located at $1,941. Please keen an eye on the level of $1,721 in a case of increasing bearish pressure, because this is the key level for the next few days.

Weekly Pivot Points:

WR3 - $2,051

WR2 - $1,965

WR1 - $1,890

Weekly Pivot - $1,807

WS1 - $1,707

WS2 - $1,636

WS3 - $1,545

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.