Crypto Industry News:
Retail cryptocurrency mining in Thailand has apparently grown in strength with the surrender of Chinese miners to a new cryptocurrency ban introduced in September.
Thai entrepreneurs and cryptocurrency companies are increasingly taking advantage of the fact that Chinese miners are getting rid of their cryptocurrency mining machines.
The miner, who asked not to be named, claimed to have set up a small, solar-powered cryptocurrency mining unit for around $ 30,000. "I got everything back in three months," he said.
Another industry entrepreneur, Pongsakorn Tongtaveenan, founded a cryptocurrency mining hardware dealer in Thailand that sold hundreds of Chinese ASIC miners to small local investors. According to Pongsakorn, the price of ASICs like the Bitmain Antminer SJ19 Pro dropped 30% due to the departure of Chinese miners before returning to normal with increasing local demand.
Pongsakorn believes that the growing popularity of retail cryptocurrency mining in Thailand is driven by people looking for a stable income during the pandemic, as well as by investors increasingly optimistic about the future of digital assets.
Technical Market Outlook
The ETH/USD pair has made a new local low at the level of $3,582 after the key short-term demand zone had been broken. The bulls are now trying to bounce back above the level of $3,750, but so far the trend line resistance is too strong for them. The next target for bears is seen at the level of $3,438 and this is the key long-term technical support for bulls, so please keep an eye on price behavior around this level.
Weekly Pivot Points:
WR3 - $4,862
WR2 - $4,406
WR1 - $4,271
Weekly Pivot - $4,012
WS1 - $3,876
WS2 - $3,618
WS3 - $3,465
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. 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. The level of $3,677 is the key mid-term technical support for bulls.
