FX.co ★ Technical Analysis of ETH/USD for July 10, 2023

Crypto Industry News:

As part of the latest, surprising reports, Trezor representatives admitted that private keys to funds stored in the company's hardware wallets may fall into (very) the wrong hands. For example, those belonging to cybercriminals.

This statement was made in a discussion on the official forum of the company. In response to the user's question, the company's representatives quite directly confirmed that it is possible to "extract" the holders' private keys from its wallets. This can happen when the firmware is compromised in any way by third parties.

Although the wallet software is open-source and can be independently controlled by the community and users, this does not make it resistant to attacks, but only slightly more resistant.

The conclusion is trivial indeed - where we are dealing with software, additionally connected to the network and susceptible to regular, external modifications and updates, it is obvious that it is also possible to hack it. Especially if the cases of security breaches of central company systems are by no means unheard of. And the companies themselves, somehow, often turn out to have some form of backdoor to their equipment, regardless of what their representatives would officially say.

Technical Market Outlook:

The ETH/USD pair has reversed from the highs seen at the level of $1,974, broke below the 100 and 50 moving averages and is currently approaching the key short term technical support seen at the level of $1,816. If this level is violated, then the next target for bulls is seen at $1,759. So far the ETH has been trading inside a narrow range located between the levels of $1,843 - $1,877 all weekend long and the ETH market participants await the fundamental trigger to break out from the consolidation.

Weekly Pivot Points:

WR3 - $1,897

WR2 - $1,877

WR1 - $1,867

Weekly Pivot - $1,856

WS1 - $1,847

WS2 - $1,835

WS3 - $1,822

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.