empty
17.07.2020 08:34 AM
Technical Analysis of ETH/USD for July 17, 2020:

Crypto Industry News:

The Elon Musk Twitter account has been hijacked today following a series of attacks on accounts related to cryptocurrencies, including accounts of leading exchanges such as Binance, Coinbase and Gemini.

Musk's account pinned a tweet to his channel at 16:17 Eastern time, which suggested that the entrepreneur would double the amount of Bitcoins sent to the wallet address.

Musk has in the past discussed cryptocurrency on his Twitter channel, suggesting he owns 0.25 Bitcoin. It is known that scammers use this technique to cheat Bitcoin owners to send irreversible transactions to the digital wallet.

Bill Gates's account was also a target of attacks. While the attackers initially focused on crypto accounts, they expanded to technology leaders, including Jeff Bezos from Amazon, and then to celebrities such as Kanye West.

After ten minutes, the wallet address that was published on Musk's account already contained 3.64 Bitcoin, worth $ 34,498. Before Musk's account was hacked, the wallet received only 0.6527 Bitcoins after it was published on hacked accounts of many exchanges.

Many other accounts in the cryptocurrency space have also been hacked, including the largest exchanges in space. Binance and Coinbase have 2.2 million followers on Twitter, but Musk's account is much larger and has 36.9 million followers.

While the original tweet was soon removed, the new version reappeared within seconds, suggesting that the attack was underway.

Technical Market Outlook:

The ETH/USD pair has dropped below the 61% Fibonacci retracement located at the level of $232.04 and a new local low was made at the level of $229.02. This level will now act as a temporary support for the price. If the move down is continued, then the next targets for bears are seen at the level of $224.39. Please notice, the momentum starts to decrease as well which is in line with the short-term bearish outlook.

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).

This image is no longer relevant

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on January 21st (U.S. Session)

Bitcoin and Ethereum returned to a gradual upward trend during the first half of the day. Breakouts of indicated resistance levels supporting the bullish trend enabled significant upward movement

Miroslaw Bawulski 15:00 2025-01-21 UTC+2

Cryptocurrencies Not Mentioned in Trump's Inaugural Speech

After Donald Trump's inauguration as the 47th President of the United States on January 20, the cryptocurrency market experienced significant fluctuations. Despite the anticipated crypto-related initiatives that were part

Irina Yanina 14:53 2025-01-21 UTC+2

Recommendations for crypto market on January 21

Bitcoin and Ethereum both saw declines following Donald Trump's inauguration. Before the new US president's address, Bitcoin had reached an all-time high near $110,000, but Ethereum was far less fortunate

Miroslaw Bawulski 10:03 2025-01-21 UTC+2

Trump evades cryptocurrencies in his inaugural speech

The cryptocurrency market experienced a notable correction following Donald Trump's inauguration yesterday. Whether the new president intentionally avoided mentioning blockchain technologies in his inaugural address is an intriguing question. Nevertheless

Jakub Novak 09:31 2025-01-21 UTC+2

Analysis of BTC/USD: January 21, 2025. Bitcoin Crashed Right After the Inauguration

The 4-hour wave structure for BTC/USD is clear. Following a long and complex corrective structure a-b-c-d-e, which developed between March 14 and August 5, a new impulsive wave began

Chin Zhao 08:25 2025-01-21 UTC+2

Cryptocurrency Trading Recommendations for January 20th

Today, Bitcoin reached a new all-time high, nearing the $110,000 level. Ethereum is also trading in positive territory, though its gains are more modest. Recent data indicates weekly inflows into

Jakub Novak 15:00 2025-01-20 UTC+2

BTC/USD: Defying Records — Bitcoin Hits a New All-Time High Ahead of Trump's Inauguration

After a brief pullback, Bitcoin has reached a new all-time high. The sharp surge in BTC is primarily attributed to the "Trump factor," as Donald Trump assumes office

Irina Manzenko 14:55 2025-01-20 UTC+2

Snapshot of crypto market

The fundamental backdrop for Bitcoin and key altcoins remains favorable. Political support, institutional investor activity, and market participant optimism are creating conditions for further price growth. As the clock

Jurij Tolin 15:27 2025-01-17 UTC+2

Litecoin and DOGE set for new surge

Altcoins continue to rapidly strengthen their positions. This week, Nasdaq and Canary Capital Group submitted new applications to the US Securities and Exchange Commission (SEC) that are crucial to gaining

Jakub Novak 12:49 2025-01-17 UTC+2

Recommendations for crypto market on January 17 (North American session)

Bitcoin and Ethereum continue their confident recovery. During the European session, Bitcoin's breakthrough of $101,400 triggered a strong recovery towards $102,300, though the target level has yet to be reached

Miroslaw Bawulski 11:52 2025-01-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.