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Crypto Industry News:
Industry experts warn of the potential consequences of the Ethereum merger for other cryptocurrencies that run on Proof of Work (PoW) consensus algorithms. With Ethereum moving to the proof-of-stake Beacon Chain, many miners will have a problem. Those who have secured the Ethereum blockchain will look to continue mining in other PoW chains.
Ethereum Classic (ETC) saw its token value increase by more than 10% in early September when blockchain explorer and mining pool operator BTC.com launched the zero-fee ETC pool over a three-month period.
Technical Market Outlook:
The ETH/USD pair had reversed almost all of the recent losses and is currently back below the last local high seen at the level of $1,685. The nearest technical support is located at the level of $1,513 and $1,475. The momentum is strong and positive again on the H4 time frame chart, so the bulls are ready to break above the local high from $1,685 and test the nest technical resistance located at $1,722.
Weekly Pivot Points:
WR3 - $1,624
WR2 - $1,598
WR1 - $1,581
Weekly Pivot - $1,572
WS1 - $1,555
WS2 - $1,546
WS3 - $1,520
Trading Outlook:
The Ethereum market has been doing the lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. If the down move will extend, then the next target for bears is located at the level of $1,358. The key technical support for bulls is seen at $1,281.
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