Crypto Industry News:
BeePool, the fourth largest Ethereum mining pool by computing power in the world, will suspend all of its mining services from October 15, the company said on Tuesday.
The Chinese mining pool has suspended new user registrations and new auxiliary accounts for existing users, according to an announcement on the BeePool official website.
The company said it was holding its services due to regulatory and compliance concerns over last week's crackdown by the Chinese government. The People's Bank of China, the country's central bank, has stepped up its crackdown on cryptocurrencies by announcing illegal cryptocurrency transactions.
The move came shortly after SparkPool, another leading China-based Ethereum mine operator, based in China, announced it would cease operations on September 30, citing similar reasons.
Mining Ethereum's margins have been widened by a cryptocurrency boom, a deflationary impact on its price from a recent technical upgrade, and a higher gas surcharge driven by the NFT boom.
Some miners quietly resumed Ethereum mining operations in China after it was banned by the State Council in May.
Technical Market Outlook
The ETH/USD pair is approaching the technical support seen at the level of $2,728. The nearest technical resistance is seen at the level of $2,980 and $3,052. The momentum is negative and bears are back in control of the market. The last week low located at the level of $2,639 might be tested soon is the bearish pressure prevails. Please notice the weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - $4,157
WR2 - $3,675
WR1 - $3,440
Weekly Pivot - $3,036
WS1 - $2,728
WS2 - $2,316
WS3 - $2,003
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
