Technical analysis of ETH/USD for 27/06/2019:

Crypto Industry News:

The recent Firefox vulnerability has been exploited in the attacks on the leading cryptographic exchange and Coinbase portfolio service, according to a published Tweet by Philip Martin, a Coinbase security researcher.

As Martin discovered, the critical gap of the so-called zero-day in the Mozilla Firefox browser, which was announced on June 18, appeared along with another zero-day vulnerability, through which Coinbase employees became the target of the hackers.

"On Monday, the Coinbase stock market detected and blocked an attacker's attempt to use a zero-day vulnerability, along with a separate vulnerability that allowed attacks targeting Coinbase employees "- we read in the Coinbase Security Expert Tweet.

Martin also reported that Coinbase is not the only cryptographic company to which these attacks relate, adding that the stock market is working on passing information to other companies, which in its opinion were also the target of hackers. He stressed that the security team found no evidence of any impact of attacks on Coinbase customers.

Technical Overview:

The ETH/USD pair might have completed now the impulsive cycle in wave (3) at the level of $362.60 and the market might have started the corrective wave (4). The key level now is the technical support and the top of the wave (1) at the level of $278.14, because any violation of this level will invalidate the bullish impulsive count. The short-term key technical support is located at the level of $315.49. Please notice the clear bearish divergence between the price and the momentum oscillator, which is the first clue that supports the bearish outlook.

Weekly Pivot Points:

WR3 - $399.14

WR2 - $359.00

WR1 - $340.76

Weekly Pivot - $299.53

WS1 - $285.30

WS2 - $243.70

WS3 - $227.28

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 4, which is a corrective wave and after is completed, the uptrend should resume

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The material has been provided by InstaForex Company - www.instaforex.com