Technical analysis of Ethereum for 24/04/2019

Crypto Industry News:

The "Blockchain Bandit" managed to collect nearly 45,000 ETH by guessing weak private keys, according to a report released today by the Independent Security Evaluators.

A senior security analyst, he said he discovered a sophisticated hacker by accident. Guessing the private key is supposed to be statistically unlikely, but thanks to his research he managed to discover 732 keys - giving him the ability to make transactions as if he were an account holder. The report notes that instead of using brute force to search for random private keys, he used a combination of searching for faulty code and faulty random number generators. He then noted that some portfolios associated with private keys found through their method sent large transactions to one address that did not send anything back.

It is estimated that with the highest Ethereum value, the bandit's worth would be worth more than 50 million dollars. At the moment, the funds would be valued at around 7.8 million dollars.

Technical Market Overview:

The ETH/USD pair has been capped after hitting the technical resistance at the level of 177.13. The price reversed quickly and moved down to the technical support located at the level of 166.53. Despite this local pullback, which was ended by a Pin Bar candlestick, the outlook remains bullish and buyers will use another opportunity to push the prices above the recent high as the target remains at the level of 183.34. Only a sustained breakout of the level of 163.27 would change the bias to bearish.

Weekly Pivot Points:

WR3 - 198.18

WR2 - 186.32

WR1 - 175.54

Weekly Pivot - 163.96

WS1 - 153.36

WS2 - 141.23

WS3 - 129.71

Trading recommendations:

Daytraders should pay attention to price behavior and a possible breakout higher, through the level of 175.82. After this level is violated, the next resistance is seen at the level of 177.13 and then there is an empty room for a spike upwards towards the recent top of the wave 1/A. Buy stop orders should be used to trade this bullish setup and protective stop loss should be placed as well.

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

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