Crypto Industry News:

Computer chip maker Nvidia has seen a decline in revenue from its dedicated cryptocurrency mining hardware. In the third quarter of 2021, the company's revenue was $ 105 million. However, in April it was only 24 million. This means a decrease of 77%.

According to the documentation, Nvidia's Crypto Mining Processor (CMP) revenue for 2021 was $ 550 million - just 0.2% of the company's total revenue, which reached $ 26.91 billion during that period. This result is in line with the earlier predictions of Colette Kress, the company's financial director. She claimed that CMP revenues "will decline from quarter to quarter to a very negligible level in the fourth quarter."

CMP sales were below expectations throughout the year. And this despite a strong start to the year when Nvidia raised its first-quarter revenue estimate to $ 150 million. Second-quarter sales did not reach the $ 400 million originally planned. The company raised just $ 266 million in that period. In the third quarter, revenues fell further to $ 105 million. This shouldn't be of much concern to Nvidia, however, as its total profits in fiscal 2021 increased by 61%.

Technical Market Outlook

The ETH/USD pair has broken below the level of $3k again and is trading just above the key short-term technical support seen at $2,831. The bulls are in control of the market on the higher time frames as the momentum is strong and positive on the daily time frame chart as well, so the market is bouncing from the extremely oversold conditions. The sustained breakout above the 38% Fibonacci retracement located at the level of $3,198 is needed to continue the up move.

Weekly Pivot Points:

WR3 - $3,490

WR2 - $3,400

WR1 - $3,079

Weekly Pivot - $2,975

WS1 - $2,651

WS2 - $2,541

WS3 - $2,228

Trading Outlook:

The market is bouncing after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,436 is the next key technical resistance for bulls. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.