Technical Analysis of ETH/USD for September 13, 2023
September 13, 2023 9:26 am
Crypto Industry News:
The takeover of Vitalik Buterin’s account on the weekend of September 9-10 was a big event in the cryptocurrency community. The creator of Ethereum himself broke the silence and explained what caused the loss of control over the account.
It turned out that the hacker used SIM-swap, a fraud method that involves creating a duplicate SIM card belonging to the victim. Vitalik Buterin reveals that the hacker used social engineering for this purpose during a conversation with a T-Mobile employee. The hacker must have been so convincing that the mobile network employee gave him Buterin’s phone number.
The takeover of Buterin’s account defrauded people of up to USD 700,000. All thanks to an alleged free NFT token, which was actually a malicious link requiring the connection of a cryptocurrency wallet.
Buterin shared details about the attack on the decentralized social media application Warpcast.
The SIM-swap technique is commonly used by hackers and scammers to take control of the victim’s phone number. With such a “pick”, they are able to go through two-factor authorization (2FA) and take over social media accounts, clear a bank account or digital assets on a cryptocurrency exchange.
It is worth noting that this is not the first time T-Mobile has had a problem with this type of attack. In 2020, the telecom giant was sued for allegedly enabling the theft of digital assets worth a staggering $8.7 million in a series of SIM-swap attacks.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,530 and then immediately bounced back towards the old narrow range. The bounce high was made at the level of $1,623 and then the market made a Pin Bar candlestick pattern and reversed lower. The momentum is still weak and negative, so the short-term outlook for ETH remains bearish. The intraday technical resistance is seen at the level of $1,601 and $1,623 and the next technical support levels are located at $1,525 and $1,369.
Weekly Pivot Points:
WR3 – $1,643
WR2 – $1,627
WR1 – $1,620
Weekly Pivot – $1,610
WS1 – $1,603
WS2 – $1,593
WS3 – $1,577
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The takeover of Vitalik Buterin’s account on the weekend of September 9-10 was a big event in the cryptocurrency community. The creator of Ethereum himself broke the silence and explained what caused the loss of control over the account.
It turned out that the hacker used SIM-swap, a fraud method that involves creating a duplicate SIM card belonging to the victim. Vitalik Buterin reveals that the hacker used social engineering for this purpose during a conversation with a T-Mobile employee. The hacker must have been so convincing that the mobile network employee gave him Buterin’s phone number.
The takeover of Buterin’s account defrauded people of up to USD 700,000. All thanks to an alleged free NFT token, which was actually a malicious link requiring the connection of a cryptocurrency wallet.
Buterin shared details about the attack on the decentralized social media application Warpcast.
The SIM-swap technique is commonly used by hackers and scammers to take control of the victim’s phone number. With such a “pick”, they are able to go through two-factor authorization (2FA) and take over social media accounts, clear a bank account or digital assets on a cryptocurrency exchange.
It is worth noting that this is not the first time T-Mobile has had a problem with this type of attack. In 2020, the telecom giant was sued for allegedly enabling the theft of digital assets worth a staggering $8.7 million in a series of SIM-swap attacks.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,530 and then immediately bounced back towards the old narrow range. The bounce high was made at the level of $1,623 and then the market made a Pin Bar candlestick pattern and reversed lower. The momentum is still weak and negative, so the short-term outlook for ETH remains bearish. The intraday technical resistance is seen at the level of $1,601 and $1,623 and the next technical support levels are located at $1,525 and $1,369.
Weekly Pivot Points:
WR3 – $1,643
WR2 – $1,627
WR1 – $1,620
Weekly Pivot – $1,610
WS1 – $1,603
WS2 – $1,593
WS3 – $1,577
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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