Technical Analysis of ETH/USD for January 25, 2021

Crypto Industry News:

The Indian cryptocurrency exchange Buyucoin has reportedly been hacked and the confidential data of around 325,000 users leaked onto the dark web. According to reports, stolen data includes personal data, encrypted passwords, user's wallet data, order details, bank details, PAN numbers, passport numbers and deposit histories.

Buyucoin, a cryptocurrency exchange based in Delhi, has reportedly been hacked. According to the website, the exchange has over 350,000 registered users and has enabled transactions worth over $ 500 million in cryptocurrencies. Several local news outlets reported that some 325,000 confidential data customers have been dumped to the dark web.

Independent cybersecurity researcher Rajshekhar Rajaharia explained in the publication that the 6 GB file in the MongoDB database contains three backup files with Buyucoin data. Among the leaked data, the researcher also found his own information, which he used to set up an account on the platform last year.

Buyucoin is the latest victim of the infamous Shinyhunters hacker group, which, according to Economic Times, leaks databases for free on well-known English-language forums. The group also disclosed data on the Big Basket online store, the Unacademy educational technology platform and the Juspay payment aggregator.

Technical Market Outlook:

The ETH/USD pair has made new all time high at the level of $1,478.80, but the rally had made a Pin Bar candlestick around this level, so now the market is pulling-back towards the $1,400 again. The momentum is strong and positive, so another sub-wave up might occur with a target at the level of $1,500. The key short-term support is seen at the level of $1,348, $1,340 and $1,323 (former supply zone).

Weekly Pivot Points:

WR3 - $1,927

WR2 - $1,665

WR1 - $1,545

Weekly Pivot - $1,286

WS1 - $1,156

WS2 - $897

WS3 - $767

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $1,500, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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

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