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Technical Analysis of ETH/USD for Apr 17, 2020
Crypto Industry News:
Google recently removed 49 phishing extensions from Google Chrome. The removed extensions include those that were directed to the owners of hardware wallets produced by Ledger, Trezor and KeepKey as well as users of the Jaxx, MyEtherWallet, Metamask, Exodus and Electrum software wallets.
Extensions caused users to enter the credentials needed to access the wallet – such as mnemonic phrases, private keys and key files – and sent them to hackers who could then steal cryptocurrencies in their wallets. Some extensions also had a fake five star rating in the Chrome extension store, but the reviews contained little or no information.
One of the extensions reportedly had the same review copied and pasted eight times by different users. This email provided an introduction to Bitcoin and explained why MyEtherWallet – the target wallet of the extension – was the preferred wallet option. It’s worth noting that MyEtherWallet doesn’t really support Bitcoin.
The study revealed 14 control servers behind all extensions, but the analysis revealed that some servers were managed by the same people and the oldest domain is connected to many other control servers. Denley then came to the conclusion that the same hackers are behind most extensions.
Some domains used in phishing campaigns were relatively old, but 80% of them were registered in March and April 2020. Most extensions were published in the Chrome store this month.
Technical Market Outlook:
The ETH/USD pair has been continuing the recent bounce, but was rejected at the technical resistance located at the level of $174.99. There was a Pin Bar candlestick pattern made at the top of the move and the market is currently consolidating the recent gains. The nearest support is seen at the level of $164.21. The key technical support remains at the level of $149.53, but is a case of a violation, the next support is seen at the level of $142.77. Any bullish attempt to rally is being used as a good chance to sell the ETH for a better price so far.
Weekly Pivot Points:
WR3 – $213.33
WR2 – $193.74
WR1 – $179.45
Weekly Pivot – $159.49
WS1 – $145.21
WS2 – $125.44
WS3 – $111.55
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
