empty
28.09.2022 08:45 AM
Technical Analysis of ETH/USD for September 28, 2022

Crypto Industry News:

We are almost two weeks after the historic moment of the Merge, i.e. the transition of the Ethereum network to the Proof-of-Stake model. Due to the abandonment of ether extraction with the existing PoW model and the failure to take off the ETHPoW blockchain resulting from the fork, many former ETH miners complain that they have no idea what to do next.

Following the merger, many ETH mining professionals began discussing their future on Twitter. Internet services have contacted several former Ethereum miners to find out what their plans are. The information obtained shows that the mood in this community is currently gloomy, as for many miners nothing is clear about the next steps. Former miner Christian Ander told the service:

"Honestly, I don't know which way to go yet. Selling GPU power to other compute-intensive services isn't as profitable as mining ETH. I'm researching myself, and my colleagues are looking for new options for themselves."

The former miner recalls that "GPU owners are researching and selling their devices' computing power to another cryptocurrency project, and when energy prices are very high, they shut down and sell excess power to the grid." Ander admitted that he is not mining any cryptocurrencies at the moment and is only observing the market.

Another former Ethereum miner, Kevin Aguirre, said he sold his equipment to a person who is now using it to mine other coins. However, it states:

"I have a little bit of regret about how the adventure with my mining machine ended, but it finally supported me and my family during the pandemic."

At a time when Ethereum used the Proof-of-Work algorithm, GPUs were quite popular. After the Merge almost two weeks ago, GPU manufacturers began to record heavy losses.

Technical Market Outlook:

The ETH/USD pair had reversed all the recent gains made after the bounce to the level of $1,399 and is currently trading around the demand zone seen between the levels of $1,288 - $1,257. After the aggressive and dynamic reversal, the next target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

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 at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Recomendaciones para operar con el Bitcoin (BTC/USD) el 23 de julio según el sistema ICT.

El Bitcoin ha formado otro flat en los máximos, algo que últimamente hace con bastante frecuencia. Las correcciones del Bitcoin seguimos observándolas muy rara vez. Los participantes institucionales del mercado

Paolo Greco 08:26 2025-07-23 UTC+2

Criptomercado: la temporada de altcoins gana impulso

Criptomercado: a mediados de este mes, el par DOG/USD volvió a la zona de mercado alcista de mediano plazo, permaneciendo también en las zonas de mercado alcista de largo plazo

Jurij Tolin 14:33 2025-07-22 UTC+2

Recomendaciones para operar con el Bitcoin (BTC/USD) el 22 de julio según el sistema ICT.

El Bitcoin comenzó un retroceso bajista después de alcanzar el nivel de 123 200$. Sin embargo, este retroceso por ahora es solo una palabra. Diríamos que el Bitcoin simplemente dejó

Paolo Greco 07:51 2025-07-22 UTC+2

Recomendaciones para operar con el Bitcoin (BTC/USD) el 21 de julio según el sistema ICT.

El Bitcoin comenzó una corrección bajista después de haber alcanzado la marca de 123 200 $. Sin embargo, esta corrección puede describirse ahora con la frase "una broma

Paolo Greco 07:58 2025-07-21 UTC+2

Recomendaciones para operar con Solana (SOL/USD) el 21 de julio según el sistema ICT.

Solana sigue siendo actualmente el activo más atractivo para los traders. La criptomoneda mantiene un movimiento ascendente bastante sólido, pero al mismo tiempo se mueve de manera mucho más técnica

Paolo Greco 06:16 2025-07-21 UTC+2

Recomendaciones para operar con el Ethereum (ETH/USD) el 21 de julio según el sistema ICT.

El Ethereum sigue volando hacia el cielo. Mirando el movimiento actual al alza, ¿puede alguien decir que es consecuencia de razones fundamentales? Simplemente la demanda por el Ethereum está creciendo

Paolo Greco 06:14 2025-07-21 UTC+2

Recomendaciones para operar con el Bitcoin (BTC/USD) el 18 de julio según el sistema ICT.

El Bitcoin comenzó una corrección bajista después de haber alcanzado la marca de 123 200$ y la terminó literalmente al día siguiente. Desde el punto de vista del análisis técnico

Paolo Greco 07:50 2025-07-18 UTC+2

Recomendaciones para operar con el Bitcoin el 17 de julio según el sistema ICT.

El Bitcoin comenzó un retroceso descendente después de alcanzar la marca de 123 200$, pero por ahora eso es solo un nombre. El Bitcoin retrocedió, pero en el marco temporal

Paolo Greco 07:19 2025-07-17 UTC+2

Recomendaciones para operar con el Bitcoin el 16 de julio según el sistema ICT.

El Bitcoin comenzó una corrección bajista después de haber alcanzado el nivel de 123 200 $. En este momento, la caída ya es de unos 6 000 $. El "oro

Paolo Greco 08:09 2025-07-16 UTC+2

Recomendaciones para operar con Ethereum (ETH) el 16 de julio según el sistema ICT.

El Ethereum comienza a mostrar signos de independencia. En los últimos dos días, el Bitcoin se corrigió a la baja entre 6 y 7 mil $, mientras que el Ethereum

Paolo Greco 07:54 2025-07-16 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.