03.07.201907:49 Forex Analysis & Reviews: Technical analysis of ETH/USD for 03/07/2019:

Crypto Industry News:

Argo Blockchain, a mining operator in the UK, exceeded its own expectations in the second quarter, the company said in a newly released report.

Argo, which previously claimed to have benefited from the rise in Bitcoin prices, said revenues would continue to rise compared to previous estimates.

The company now expects to generate 161 Bitcoins, or cryptocurrency assets worth 1.38 million British pounds, in June, based on Bitcoin's price of USD 10,817.16 as at June 30, 2019.

This is an increase of about 101% compared to the results of mining in May and roughly constitutes an 81% production margin. According to the company, this proves that it is one of the most productive crypto miners on the market.

The capacity of extraction from existing equipment has improved along with the rapidly growing price of Bitcoins, which increased by about 24% since the last operational update on June 3, 2019.

Technical Overview:

The ETH/USD pair rally higher has extended above the short-term trendline resistance around the level of $290.00 and the last local high was made at the level of $300.17. This means the bounce momentum is getting stronger and soon the price might test the nearest technical resistance located at the level of $304.22. If this level is clearly violated, then the next target for bulls is the technical resistance at $324.09.

Weekly Pivot Points:

WR3 - $16,315

WR2 - $14,938

WR1 - $12,895

Weekly Pivot - $11,624

WS1 - $9,683

WS2 - $8,320

WS1 - $6,345

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 higher degree, which is a corrective wave and after is completed, the uptrend should resume.