13.02.202310:49 Forex Analysis & Reviews: Technical Analysis of ETH/USD for February 13, 2023

Crypto Industry News:

The Russian Federation intends to launch a cryptocurrency mining facility worth over $12.3 million in the coming months. According to a local Russian media report, this huge data center will be located in Buryatia, a Russian republic in eastern Siberia. The facility is expected to house 30,000 mining equipment and the projected total power consumption is 100 megawatts.

The mining project is managed by the JSC Corporation and the Plenipotentiary of the President in the Far Eastern Federal District of the Russian Federation.

According to a press release from KRDV, Bitriver-B, the operational arm of Russia's largest mining company Bitriver, has started construction by establishing critical infrastructure and providing the necessary energy equipment. The construction of the enterprise will be completed in the first half of 2023, where approximately 100 new jobs will be created.

The main objective of KRDV is to drive the economic and infrastructural development of the Russian Far Eastern Federal District by supporting investment projects in several fields, including tourism, energy, health, etc.

Technical Market Outlook:

The ETH/USD pair has reversed from the level of $1,700 again, so the next target for bulls, seen at the level of $1,788 (September 2022 high) is moving away. The intraday technical support seen at $1,603 had been violated and the key technical support located at $1,487 is about to be tested by bears. Only a clear and sustained breakout below this level would change the short-term outlook to bearish, so please keep an eye on the $1,487 technical support. Any violation of this level would likely extend the drop towards $1,345, but in order to do this, the volatility must increase significantly.

Weekly Pivot Points:

WR3 - $1,569

WR2 - $1,541

WR1 - $1,532

Weekly Pivot - $1,513

WS1 - $1,503

WS2 - $1,484

WS3 - $1,456

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. The key technical support for bulls at $1,281 was broken already and the new swing low was established at $1,074. There is a clear test of the 50 WMA located at the level of $1,080, so any breakout below the moving average and a weekly candle close below moving average will be considered as another indication of the down trend continuation. If the down move will be extended, then the next target for bears is located at the level of $1,000.