Technical Analysis of ETH/USD for July 13, 2020


Crypto Industry News:

US secret services announced the creation of a Cybercrime Task Force (CFTF), while bringing their Electronic Crime Task Force and Financial Crime Task Force together into a single network. According to an official announcement, the secret services have been planning for two years to create a unified task force to fight cybercrime related to the financial sector and combat phenomena such as ransomware attacks, business email fraud or credit card theft.

CFTF appears in the context of the growing illegal market for stolen credit cards and bank data by darknet users. The Secret Service expressed concern about the role of cryptocurrencies behind them, the illegal online transactions behind them, because they have become “one of the main means by which criminals build their illegal profits.”

Financial crime and cybercrime are two sides of the same coin. Digital browsing and Magecart attacks fuel darknet and space in the real world to payment fraud. This harms businesses and destroys confidence in the financial system. The combined FBI Cybercrime Task Force will allow better data sharing and a direct hit on the source of the problem.

The mission of the new CFTF aims to improve coordination and dissemination of best practices in all financially motivated cyber crime investigations. Secret Service said the US is facing a “growing threat” of transnational cybercrime, especially against the financial system.

A recent study by Digital Shadows revealed that over 15 billion credentials are circulating through darknet, a 300% increase since 2018. Available information includes network access credentials, banking login credentials, and even accounts from streaming services such as Netflix.

Technical Market Outlook:

The ETH/USD pair has been trading inside of a narrow zone during the weekend and no new local low has been made. The recent drop has retraced 50% for the last wave up, but the bears were too weak to push the prices lower. Bounce from the level of $235.13 has been completed at the level of $243.00 and this is the current trading range. The volatility is slowly increasing during the early Monday trade, so there is still a chance for bulls to continue the move higher and test the level of $248.20. The larger time frame trend is still up.

Weekly Pivot Points:

WR3 – $274.89

WR2 – $261.89

WR1 – $250.42

Weekly Pivot – $236.01

WS1 – $225.12

WS2 – $210.17

WS3 – $199.13

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

The material has been provided by InstaForex Company –

Source:: Technical Analysis of ETH/USD for July 13, 2020:

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