Crypto Industry News:
Kosovo police stepped up their efforts to crack down on the country's crypto miners, confiscating over 300 mining machines on Saturday alone.
Kosovo's economy minister tweeted that the acquisition of cryptocurrency mining machines will save "tens of thousands of euros a month", providing "energy to hundreds of Kosovar families."
In a statement released by the Kosovar police it was revealed that they had seized 272 Antminer machines in Leposavic municipality and a further 39 mining machines near Pristina.
Meanwhile, police also detained a driver carrying six cryptocurrency mining machines with 42 graphics cards (GPUs) near Druar, in Vushtrri. The leader was questioned and released.
In December, Kosovo declared a state of emergency for 60 days amid the energy crisis and electricity shortages. Since then, the Minister of Economy has introduced a total ban on cryptocurrency mining. Kosovo currently imports more than 40% of its energy.
Cryptocurrency mining in Kosovo has been increasing for some time. Until recently, since the end of the Kosovo war in 1999, electricity was free for residents of northern municipalities with most Serbs.
At the end of November 2021, the electricity grid operator KOSTT announced that it would no longer provide free energy to four municipalities in the north of the country: Mitrovica North, Zvecan, Zubin Potok and Leposavic.
The Balkan country was part of Serbia until 2008, when it declared independence, and has maintained these subsidies ever since. Several other countries have also expressed concern over mining-related power cuts in recent months, including Iran and Kazakhstan.
Technical Market Outlook
The ETH/USD pair has broken below the key long-term technical support located at the level of $3,000 and made a new swing low at the level of $2,916. The intraday technical resistance is seen at the level of $3,173, but the key short-term technical resistance is located at the level of $3,582, so the bulls have a quite a long road to make in order to resume the up move. The complex and time consuming corrective cycle in form of ABCxABCxABC pattern has not been completed yet, nevertheless larger time frame trend remains up and only a clear and sustained breakout below the swing low at $2,644 would change the outlook to bearish again.
Weekly Pivot Points:
WR3 - $4,512
WR2 - $4,187
WR1 - $3,620
Weekly Pivot - $3,304
WS1 - $2,721
WS2 - $2,382
WS3 - $1,782
Trading Outlook:
The WXYXZ complex corrective cycle might soon 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 $2,644. 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.
