The Ethereum Cryptocurrency Has Broken Below The Trend Line | Kazakhstan May No Longer Be The Center Of Bitcoin Mining
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Crypto Industry News:
Kazakhstan may no longer be the center of bitcoin mining, which it was relatively recently. All because of the new mining regulations.
The deputies passed the law "On Digital Resources of the Republic of Kazakhstan" and other regulations regarding cryptocurrency mining.
Recall that after China banned mining, Kazakhstan became one of the BTC mining centers in the region. All because of cheap electricity. But that may change now.
Didar Bekbauov, co-founder of Xive, a cryptocurrency mining platform, notes that a total of five bills passed introduce a new scheme for purchasing electricity for miners, as well as updated licensing and taxation systems.
BTC miners will only be able to buy surplus electricity from the public grid. Purchase of electricity through the Kazakh Exchange of the Energy Market Operator may also be carried out by them, but not everyone will be able to make this type of purchase, because electricity will be sold in the form of an auction.
Technical Market Outlook:
The Ethereum cryptocurrency has broken below the trend line seen around the level of $1,254, made a new local low at the level of $1,1240 (at the time of writing the analysis). As the momentum is negative on the H4 time frame chart, the short-term outlook remains bearish with a target for bears located at $1,150 (28th November low). Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.
Weekly Pivot Points:
WR3 - $1,291
WR2 - $1,269
WR1 - $1,257
Weekly Pivot - $1,248
WS1 - $1,235
WS2 - $1,226
WS3 - $1,204
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 at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.
Relevance up to 08:00 2022-12-13 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
