Previous Story
Technical Analysis of ETH/USD for Apr 22, 2020
Crypto Industry News:
A hacker who stole $ 25 million in crypto from the dForce decentralized financial protocol over the weekend gave up almost all funds. According to data from the Ethereum blockchain, many transactions were initiated today from the Lendf.Me Hack address to the Lendf.Me project administrator’s address. Many of them included very large amounts, e.g. for 57,992 thousand Ethereum, worth about 10 million dollars.
Other transactions included various US dollar-related stablecoins, such as USDT, BUSD, TUSD, DAI, USDC, HUSD and PAX, for a total value of nearly $ 10 million. Also returned 581 chip units that are associated with Bitcoin, for a total of about $ 4 million. Interestingly, the hacker did not return the exact amount of funds he had stolen, but returned some of these values in other types of tokens, but everyone confirmed that they had recovered the stolen funds.
At this stage, it is not known why the hacker did not simply return the stolen resources, and even why they were returned at all. Lendf is one of the two protocols supported by the dForce Foundation.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $165.65, after the Pin Bar candlestick pattern was made at the top of the move. This means the bears were testing the 50% of Fibonacci retracement located at the level of $168.25. So far the bulls has manage to push the price towards the level of $173.12, which is the lower boundary of demand zone, but the bulls keeps fighting back and are currently testing this level from below. The key short-term support is seen at the level of $164.45 and if violated, the price can drop to the level of $153.46. The market participants await for a decisive breakout in either direction so it is worth to keep and eye on the next develpomnent on the Ethereum market.
Weekly Pivot Points:
WR3 – $240.86
WR2 – $214.90
WR1 – $200.99
Weekly Pivot – $173.55
WS1 – $159.05
WS2 – $132.99
WS3 – $117.12
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
