Technical Analysis of ETH/USD for August 3, 2020:

Crypto Industry Outlook:

On July 30, Twitter released a note revealing how hackers gained access to its internal network and account management tools during the recent attack.

It also gave details of the additional measures taken to improve security since the hack resulted in 12 Bitcoins being obtained by attacking the accounts of celebrities and crypto companies on the portal. The news confirms that Twitter was the victim of a social engineering attack, which led to voices that the hack may have been an internal act.

According to the report, the July 15 incident started with a spear-phishing attack to obtain network access credentials:

"Not all of the employees initially targeted were authorized to use the account management tools, but the attackers used their credentials to gain access to our internal systems and obtain information about our processes."

The attackers then used this knowledge to attack other employees who had access to the account maintenance tools.

Responding to reports where more than 1,000 employees had access to administrative tools, Twitter explained that it has employed people around the world helping with the accounts. However, access to the tools is strictly restricted and only granted for legitimate business reasons. Since the attack, Twitter has restricted access even further and will continue its ongoing education program on the dangers of phishing attacks.

During the hack, the attackers accessed 130 Twitter accounts, tweeted 45 of them, got into the message inbox of 36 users, and downloaded data from 7 Twitter accounts.

Technical Market Outlook:

The ETH/USD has fell to the level of $324.70 from the new swing high made at the level of $413.89. The reason for this drop was a Flash Crash event on BTC markets performed on various exchanges. After the Flash Crash, the market bounced towards the level of $384.88. For now the price is trading inside of a narrow horizontal range located between the levels of $355.24 - $384.88, but the up trend is still being continued. The next target for bulls is seen at the level of $500. The key short-term support is seen at the level of $300.

Weekly Pivot Points:

WR3 - $532.98

WR2 - $470.84

WR1 - $423.16

Weekly Pivot - $365.99

WS1 - $312.04

WS2 - $255.55

WS3 - $208.47

Trading Recommendations:

Due to the violation of the level of $351, Ethereum is now in the up trend on the long-term time frame. The next target for bulls is seen at the level of $500. The key long-term technical support is located at the level of $86.10, but the zone around $300 - $308 is an important technical support as well.

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