Technical analysis of ETH/USD for 11/09/2019

Crypto Industry News:

Leading ASIC excavator manufacturer, Bitmain, announced the release of two new S17 devices. Two new mining systems, namely S17e and T17e, will be launched today. The company claims that both new models contain improvements that should translate into higher performance, more stable operation and longer life.

Bitmain also published the specifications of both newly announced mining machines. S17e has a hash rate of 64 TH / s and works with an energy efficiency of 45J / TH, while T17e offers a hash rate of 53TH / s and energy efficiency of 55J / TH.

Both S17e and T17e are equipped with a two-pipe heat dissipation system, which is reported to improve the equipment’s efficiency in terms of its removal. This should increase the life of the equipment and its stability.

What’s more, Bitmain also claims that the software embedded in the two new ASICs has higher cyber security standards to prevent malicious attacks.

The company also announced compensation for late delivery. Under this new initiative, customers whose deliveries are delayed will receive compensation from Bitmain in the form of coupons for each day of delay.

Technical Market Overview:

Not much has changed on the ETH/USD market as the price is still locked inside a narrow horizontal trading zone located between the levels of $175.25 – $183.43. In order to regain control of the market, the bulls will have to make a new swing high again and head towards the level of $193.52 in an impulsive fashion, otherwise, the bears might push the prices lower towards the support at $172 and $164.81 again. The larger time frame trend is still bearish and despite the potential termination of the wave 2 of the higher degree, the market participants still did not make the price to rally significantly.

Weekly Pivot Points:

WR3 – $207.64

WR2 – $195.13

WR1 – $188.15

Weekly Pivot – $176.09

WS1 – $169.04

WS2 – $156.97

WS3 – $149.69

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

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The material has been provided by InstaForex Company – www.instaforex.com