FX.co ★ Technical Analysis of ETH/USD for September 18, 2020

Crypto Industry News:

The US Department of Justice announced sanctions against two Russians and the arrest of two Malaysians for separate seven-figure crypto frauds.

On September 16, the United States Department of Justice, the United States Department of Homeland Security, and the Office of Foreign Assets Control of the Department of the Treasury announced that they had imposed sanctions on two Russian citizens who used a sophisticated phishing campaign to steal at least $ 16.8 million from customers of three crypto exchanges in 2017 and 2018 years, including two in the United States.

Danil Potekhin and Dmitrii Karasavidi have created many websites pretending to be legitimate cryptocurrency exchanges to steal login credentials from unsuspecting victims. This happened before they used verified accounts with stolen identities to move crypto assets through various brokers and run pumping and dump programs targeting low-cap altcoins.

On the same day, the US Department of Justice announced that two hackers had been arrested in Malaysia in connection with hacking campaigns targeting more than 100 companies, universities, governments, and non-profit organizations around the world.

The fraudsters mentioned in the article face a sentence of up to 77 years in prison. Five Chinese citizens are still at large, including one who claims to have ties to the Chinese Ministry of State Security. The group penetrated computer infrastructure to steal source code and other proprietary business information, customer account data, and to launch ransomware and cryptojacking programs.

Technical Market Outlook:

After the ETH/USD pair had bounced from the lower channel line around the level of $355.24 the market slowly moved up and hit the local high at the level of $389.90. The bulls are testing the level of $389.90 and if this level is violated, the next target for bulls is seen at the level of $407.03 (technical resistance). The key technical support is seen at the level of $332.28 (outside of the channel). The key demand zone is seen between the levels of $305.20 - $321.95 and if violated, then the next key long term support is seen at the level of $288.

Weekly Pivot Points:

WR3 - $460.14

WR2 - $422.13

WR1 - $395.03

Weekly Pivot - $357.60

WS1 - $326.67

WS2 - $291.16

WS3 - $261.17

Trading Recommendations:

The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. The key mid-term technical support, seen at the level of $364.95 had been violated, but all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.