FX.co ★ Technical Analysis of ETH/USD for August 31, 2022

Crypto Industry News:

Ethereum's largest mining pool, Ethermine, will soon stop mining ETH using Proof-of-Work (PoW). However, it is switching to the Proof-of-Stake (PoS) emission model.

The new service offers members of the Ethermine community ETH Shared Stake. Importantly, only 0.1 ETH (approx. $159) is enough for this. The platform is currently offering interested parties an annual interest rate of 4.43%. It is worth adding that self-staking requires at least 32 ETH (approx. USD 51,000) to operate the node. As of this writing, 393 ethers worth approximately $ 626,000 have already been invested in Ethermine.

Ethermine also operates today as a multi-currency mining pool, allowing users to emit ETH, zcash, ethereum classic (ETC), beam (BEAM), ravencoin (RVN) and ergo (ERGO).

As of this writing, there are 222,657 active miners on Ethermine, which collectively generate 261.1 terra hashs per second (TH / s). After September 15, the pool will still support PoW mining, but only ethereum classic (ETC), ravencoin (RVN), ergo (ERGO) and beam (BEAM) will be affected.

Technical Market Outlook:

The ETH/USD pair has broken above the technical resistance seen at $1,530 - $1,559, is up 13,67% and the bounce continues higher towards the level of $1,654. The key short-term technical support is located at the level of $1,358 and if clearly violated, then the next target for bears is located at $1,281. The momentum is positive, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:

WR3 - $1,532

WR2 - $1,486

WR1 - $1,468

Weekly Pivot - $1,444

WS1 - $1,424

WS2 - $1,400

WS3 - $1,355

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,358. The key technical support for bulls is seen at $1,281.