FX.co ★ Technical Analysis of ETH/USD for February 24, 2022

Crypto Industry News:

Blockchain company Bitfury announced the launch of a new cryptocurrency mining data center in Ontario, Canada. The new center adds to the list of existing Canadian facilities currently operating in Drumheller, Alberta and Medicine Hat. By the end of this month, Ontario's new mine is expected to operate at 16 megawatts.

According to the announcement, Bitfury plans to increase the capacity by 12 MW in the coming months, which will raise the total capacity of the mine to 28 MW by the end of May. However, the company emphasized that the facility could potentially be modernized up to 200 MW, which is more than seven times the current capacity.

The facility located in Sarnia is equipped with internal ASIC Bitfury chips as well as proprietary hardware and software. All Canada's Bitfury cryptocurrency mines make extensive use of Canada's cold climate to ensure sustainable and efficient operations.

Technical Market Outlook

The ETH/USD pair has been seen dropping like a stone towards this year's low located at the level of $2,155. The risk-off sentiment has hit the markets this moring and bears intensify the pressure. There is only the technical support seen at the levels of $2,315 and $2,200 before the key yearly support. On the positive note: the makret conditions are extremely oversold, so a local pull-back might happen during the down move. The key technical resistance is located at the level of $2,831.

Weekly Pivot Points:

WR3 - $3,521

WR2 - $3,347

WR1 - $2,888

Weekly Pivot - $2,742

WS1 - $2,272

WS2 - $2,129

WS3 - $1,665

Trading Outlook:

The market is bouncing after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,436 is the next key technical resistance for bulls. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.