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  • Canaan Creative will be distributing new devices on the Chinese market.
  • ETH/USD is hovering above $165.00, off the recent lows.

The second-largest cryptocurrency with the current market capitalization of $17.9 billion has recovered from the recent low of $152.50 to trade at $165.23 at the time of writing. ETH/USD has lost over 2% of its value in recent 24 hours and stayed mostly unchanged since the beginning of the day.

New miners for ETH

The Chinese manufacturer Canaan Creative introduced a new ASIC miner for Ethereum blockchain. According to the specifications, the new device uses Ethash algorithm and surpasses the competitors by W/MHs parameter. Notably, Canaan is a distributor of the device in China. It does not manufacture it.  

“It is a little hard to explain, but those are not products designed and built by Canaan engineering. They are products sold by the domestic sales team and are not an official worldwide Canaan product,” said a representative of the company as cited by CryptoSlate.

Ethereum’s long-term technical picture

Looking technically, ETH/USD needs to recover above $170.00 to mitigate the initial pressure. Once this happens, the price can extend the upside movement towards the next barrier created by the middle line of the four-hour Bollinger Band at $173.00. Even stronger resistance awaits us on approach to $180.00 followed by a confluence of SMA50 (Simple Moving Average) and the middle line of Bollinger Bandon a daily chart on approach to psychological $190.00.  

On the downside, a retreat towards $160.00 will open up the way towards Thursday’s low of $152.50. The next bears’ target comes at $150.00, which is the lowest level since April. It is followed by the lower line of weekly Bollinger Band at $142.50.

ETH/USD, a one-day chart