FX.co ★ Technical Analysis of ETH/USD for July 17, 2020:

Crypto Industry News:

The Elon Musk Twitter account has been hijacked today following a series of attacks on accounts related to cryptocurrencies, including accounts of leading exchanges such as Binance, Coinbase and Gemini.

Musk's account pinned a tweet to his channel at 16:17 Eastern time, which suggested that the entrepreneur would double the amount of Bitcoins sent to the wallet address.

Musk has in the past discussed cryptocurrency on his Twitter channel, suggesting he owns 0.25 Bitcoin. It is known that scammers use this technique to cheat Bitcoin owners to send irreversible transactions to the digital wallet.

Bill Gates's account was also a target of attacks. While the attackers initially focused on crypto accounts, they expanded to technology leaders, including Jeff Bezos from Amazon, and then to celebrities such as Kanye West.

After ten minutes, the wallet address that was published on Musk's account already contained 3.64 Bitcoin, worth $ 34,498. Before Musk's account was hacked, the wallet received only 0.6527 Bitcoins after it was published on hacked accounts of many exchanges.

Many other accounts in the cryptocurrency space have also been hacked, including the largest exchanges in space. Binance and Coinbase have 2.2 million followers on Twitter, but Musk's account is much larger and has 36.9 million followers.

While the original tweet was soon removed, the new version reappeared within seconds, suggesting that the attack was underway.

Technical Market Outlook:

The ETH/USD pair has dropped below the 61% Fibonacci retracement located at the level of $232.04 and a new local low was made at the level of $229.02. This level will now act as a temporary support for the price. If the move down is continued, then the next targets for bears are seen at the level of $224.39. Please notice, the momentum starts to decrease as well which is in line with the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $274.89

WR2 - $261.89

WR1 - $250.42

Weekly Pivot - $236.01

WS1 - $225.12

WS2 - $210.17

WS3 - $199.13

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).