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Crypto Industry News:
Sparkpool, the second largest Ethereum mining pool in the world, is freezing due to ongoing cryptocurrency suppression in China.
The mining pool has officially announced that it has suspended access for new users in mainland China in response to the implementation by Chinese authorities of new measures to combat cryptocurrency adoption in the country.
After initial restrictions introduced last Friday, Sparkpool will continue to shutdown services, with plans to suspend existing users both in China and overseas on September 30.
According to the announcement, the measures are aimed at ensuring the security of users' property in response to "regulatory policy requirements".
Launched in China in early 2018, Sparkpool has grown to become one of the world's largest Ethereum mining pools alongside the world's largest Ethermine. Currently, Sparkpool's mining capacity accounts for 22% of the global Ethereum hashrate, slightly less than Ethermine's share of 24%.
Technical Market Outlook
The ETH/USD pair had been rejected from the 50% Fibonacci retracement and is approaching the technical support seen at the level of $2,861. The nearest technical resistance is seen at the level of $2,977 and $3,052. The momentum is negative and bears are back in control of the market. The last week low located at the level of $2,639 might be tested soon is the bearish pressure prevails.
Weekly Pivot Points:
WR3 - $4,157
WR2 - $3,675
WR1 - $3,440
Weekly Pivot - $3,036
WS1 - $2,728
WS2 - $2,316
WS3 - $2,003
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 close below the technical support at the level of $2,906. 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.
