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Technical analysis of ETH/USD for Dec 18, 2019
Crypto Industry News:
Two Russian citizens are prosecuted for allegedly attacking computers in state organizations for the illegal extraction of cryptocurrencies.
Two unknown people allegedly infected the equipment with a program that extracts cryptocurrencies using a web browser, according to a local media agency.
Apparently one of the suspects, a resident of the city of Kurgan, created an extensive botnet for infecting computers in various regions of the country. A second suspect reportedly focused his mining operations on equipment at the state-owned water company JSC Rostovvodokanal.
The illegal use of computer computing power to mine cryptocurrencies without the owner’s consent or knowledge is sometimes called crypto-jacking. Although the news agency does not disclose the details of the cryptocurrency extracted by two suspects, malicious software such as coinminer – based on the Coinhive code – is one example of a widespread program designed for the illegal extraction of Monero via a web browser.
“(…) up to 80% of the free computer power can be used to generate virtual coins, and a legal user may not even know about it,” said Nikolay Murashov, deputy director of the Russian National Center for Co-ordination of Computer Incidents in a press conference.
Murashob emphasized that this illegal use of computing power can adversely affect business operations and harm companies’ performance, warning organizations before implementing appropriate cybersecurity measures.
Technical Market Overview:
The ETH/USD has made another wave down and so far the low was made at the level of $118.65. If the bearish pressure won’t stop, then the next main target for bears is seen at the level of $116.00. The complex corrective cycle is still unfolding to the downside and the global investors should wait for it to terminate. In the meantime, the downtrend continues lower, but soon the bulls might test the nearest technical resistance located at the level of $127.91.
Weekly Pivot Points:
WR3 – $160.13
WR2 – $155.12
WR1 – $147.83
Weekly Pivot – $142.21
WS1 – $135.13
WS2 – $130.72
WS3 – $123.35
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the downtrend. When the wave 2 corrective cycles are completed, the market might will ready for another wave up.
The material has been provided by InstaForex Company – www.instaforex.com
