Technical analysis of ETH/USD for 12/08/2019

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Crypto Industry News:

Computer analysts at Zscaler ThreatLabZ, a cybersecurity company, have discovered a new type of Trojan attacking cryptocurrency users.

In a blog post, the company reveals that it has identified a new remote access Trojan (RAT) that is able to take over administrative control of the target computer, gain access to browser history and search for activities related to cryptocurrencies, credit cards, companies, social media, among other.

Malware is called Saefko and is written in .NET, a software framework developed by Microsoft and used to create a wide range of applications.

“RATs are usually downloaded as a result of the user opening an attachment to an email or downloading an application or game that has been infected with it. Because RAT provides administrative control, an intruder can do anything on the target computer, such as monitoring user behavior by logging keystrokes, accessing confidential information, activating the system’s webcam, taking screenshots, formatting disks, and more “- explains the post.

Zscaler recommends that individuals do not download or open files from untrusted sources and states that network administrators should block unused ports, disable unused services, and monitor outbound traffic.

Technical Market Overview:

The ETH/USD pair has broken out of the descending channel around the level of $208.50 and now is trying to continue the rally higher towards the level of $221.50, which is the technical resistance. The low was made at the level of $196.98 and it was labeled as wave (c) of the wave (2) of higher degree, which indicated, the market might be ready to continue the trend. In order to do this, the price action must be more impulsive and move towards the nearest technical resistance and break through it. Otherwise, the corrective move to the downside will evolve into a more complex and time-consuming pattern.

Weekly Pivot Points:

WR3 – $274.14

WR2 – $256.36

WR1 – $233.10

Weekly Pivot – $214.72

WS1 – $193.28

WS2 – $173.99

WS3 – $150.66

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 and it might have been completed, so the uptrend should resume sooner or later. We are waiting for a breakout above the level of $238.68 to confirm the bullish momentum.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of ETH/USD for 12/08/2019:

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