Technical Analysis of ETH/USD for May 20, 2020:

By | May 20, 2020
InstaForex
Technical Analysis of ETH/USD for May 20, 2020:

Relevance up to 01:00 2020-05-21 UTC–5

Crypto Industry News:

This week, hackers have attacked numerous supercomputers across Europe with the intention of mining cryptocurrencies. Supercomputers had to be turned off to investigate intrusions. Security incidents were reported in the United Kingdom, Germany and Switzerland. In addition, according to the report, another possible attack took place in an advanced computer center in Spain.

Most attacks appear to be targeted at universities. The University of Edinburgh, where the ARCHER supercomputer operates, reported the first incident on Monday. Then, the high-performance computing clusters of major universities in Baden-Wurttemberg, Germany also announced that they were attacked on Monday with similar security incidents and had to be closed. More attacks have taken place in institutions in other parts of Germany, Spain and Switzerland. Clusters at the Leibniz Computing Center or LRZ, an institute at the Bavarian Academy of Sciences, the Julich Research Center in the city of Julich in Germany, the Faculty of Physics of the Ludwig-Maximilians University in Munich, and the Swiss Scientific Computing Center (CSCS) in Zurich in Switzerland were classified as victims.

News shows that malware samples issued by the computer security incident response team have been reviewed by a US cybersecurity company. The Computer Security Incident Response Team (CSIRT) is a pan-European organization coordinating research on supercomputers across Europe.

The company said the attackers probably stole the credentials of members of SSH universities in Canada, China and Poland in order to gain access to supercomputer clusters. Secure Shell (SSH) is a cryptographic network protocol for securely managing network services in an unsecured network.

Technical Market Outlook:

The ETH/USD pair has made a new local high during the rally at the level of $216 and is currently consolidating the gains around the level of $210 in a narrow range. The momentum behind the move up is strong, but the market conditions are extremely overbought on the daily time frame chart, so the rally might be short-lived. Nevertheless, the next target for bulls is seen at the level of $217.65 and $225.84. The nearest technical support is seen at the level of $204.50. Please notice, the ETH/USD pair might be developing the Triangle price pattern, which is a trend continuation pattern.

Weekly Pivot Points:

WR3 – $259.01

WR2 – $231.70

WR1 – $222.59

Weekly Pivot – $197.56

WS1 – $188.48

WS2 – $163.94

WS3 – $154.56

Trading Recommendations:

The larger time frame trend on Ethereum remains down and as long as the level of $288 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2020

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