Technical analysis of ETH/USD for 26/09/2019

Crypto Industry News:

The U.S. Prosecutor's Office for the Northern District of California accused two suspects - Elliot Gunton and Anthony Tyler Nashatka - of hacking EtherDelta, the non-isolation Ethereum ERC-20 token trading market, on December 2017.

According to documents originally submitted on August 13, Ganton and Nashatka changed the settings of the EtherDelta domain name system to mislead users and collect their cryptographic addresses, private keys and withdraw funds.

The suspects were able to access the settings using the telephone number of one of the EtherDelta employees and used it to hack his email address. Then Gunton and Nashatka reportedly changed the parameters of the domain system to redirect traffic from EtherDelta to a fake website reminiscent of a real EtherDelta platform.

Visitors to this fake site were able to reveal their private keys and potentially lose cryptocurrency resources. According to the prosecutor's office, one EtherDelt user lost at least $ 800,000. The total amount of funds stolen was not disclosed in the court document.

Technical Market Overview:

The ETH/USD pair has been trading in a narrow range after a shallow bounce from the level of $151.85. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

Weekly Pivot Points:

WR3 - $261.09

WR2 - $242.26

WR1 - $225.12

Weekly Pivot - $205.85

WS1 - $188.31

WS2 - $169.05

WS3 - $152.55

Trading recommendations:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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