Crypto Industry News:

The Ukrainian Ministry of Energy believes that the use of nuclear power plants to mine cryptocurrencies may be one of the best ways to counteract the current energy stagnation.

According to the statement, local nuclear power plants generated a surplus due to downtime due to COVID-19. Ukrainians now want to apply progressive solutions to avoid wasting energy as part of the government's course towards digitization supported by President Volodymir Zelenski. Leaving the status quo can create:

"[...] conditions for corruption crimes, which will eventually be paid at the expense of Ukrainian citizens," warns the ministry, while pointing out that mining cryptocurrencies may prove to be one of the effective solutions.

The acting head of the Ukrainian Ministry of Energy asked the state-owned enterprise Energoatom to explore potential ways to implement cryptocurrency mining at domestic nuclear power plants by May 8. Power plants were previously used to mine cryptocurrencies, although not on a government scale. A private power plant in the Finger Lakes region of New York switched to Bitcoin mining, adding $ 50,000 BTC per day to daily revenues.

Technical Market Outlook:

The ETH/USD pair has again plunged towards 38% Fibonacci retracement located at the level of $195.94. The short-term trend line support has been violated as well and the price is testing the technical support at the level of $193.78 after another Pin Bar candlestick was made. Nevertheless, the price bounced from lows seen at the level of $193.78 and is currently trying to test the trend line from below. The weak and negative momentum supports the short term outlook towards the next support located at $188.86 or even towards 50% retracement at $186.72.

Weekly Pivot Points:

WR3 - $296.61

WR2 - $243.36

WR1 - $224.05

Weekly Pivot - $205.69

WS1 - $188.49

WS2 - $168.64

WS3 - $150.80

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.