FX.co ★ Technical Analysis of ETH/USD for August 7, 2023

Crypto Industry News:

Tether developers have developed JavaScript libraries that make it easy to send commands to mining hardware brands such as WhatsMiner, AvalonMiner and Antminer.

The main purpose of the Tether BTC mining software is to improve the efficient management of mining power, which is supposed to enable more efficient operations.

As Paolo Ardoino, director of technology for Bitfinex and Tether, announced in a post published on the X platform, some parts of the mining software may be made available on open-source platforms in the future.

It is already known that each miner using the tool will have a unique public/private key, enabling encrypted and secure data streaming via hyper-cores and receiving commands via hyper-swarms. This approach is expected to reduce firewall configuration complexity, increase fault tolerance, allow for easy replication across sites, and create a sense of better maintainability and modularity compared to previous attempts.

Technical Market Outlook:

The ETH/USD pair has been seen testing the key technical support located at the level of $1,816. Any violation of this level would open the road towards the next target located at $1,777. The intraday technical resistance is seen at the level of $1,845 and $1,888. The weak and negative momentum, together with an increasing bearish pressure supports the short-term bearish outlook for ETH. Please notice, that if the key technical support is broken, the volatility might increase significantly and the market choppy trading conditions will no longer exist.

Weekly Pivot Points:

WR3 - $1,869

WR2 - $1,850

WR1 - $1,839

Weekly Pivot - $1,830

WS1 - $1,820

WS2 - $1,810

WS3 - $1,791

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.