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Technical Analysis of ETH/USD for Apr 10, 2020
Crypto Industry News:
Due to dishonest hacker activities, Bisq users lost a total of $ 250,000. The reason for this was the “critical vulnerability”, but no specific information was provided. Already on Tuesday, the stock exchange blocked the possibility of trading.
The hacker was able to exploit the vulnerability in the Bisq trading protocol by attacking individual transactions to steal capital. We know about 3 BTC and 4000 XMR stolen from 7 different victims. This is the situation we have known so far.
As it turned out later, the exact value of the stolen cryptocurrencies was 22,000 BTC and 230,000 XMR, which gives a total of $ 250,000.
In most cases of market hacking, an attacker can be kicked out of the trading platform. However, it looks different in Bisq, as one of the developers cooperating with DEX informed. He said that although the bug was fixed on Wednesday to noon, nothing could stop the hacker, whose identity we will not know.
Technical Market Outlook:
The ETH/USD bulls has failed to move above the level of $175.00 and the price is falling towards the nearest technical support seen at the level of $156.24 – $153.46. This is the key short-term technical support and if violated then the losses might accelerate towards the level of $142.77. Please notice the decreasing momentum on ETH/USD on H4 time frame chart during the last move up was the first clue showing weakness of bulls.
Weekly Pivot Points:
WR3 – $180.45
WR2 – $163.97
WR1 – $154.32
Weekly Pivot – $137.76
WS1 – $127.39
WS2 – $112.43
WS3 – $101.19
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 $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
The material has been provided by InstaForex Company – www.instaforex.com
