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Unveiling the MailerLite Phishing Attack: A Deep Dive into the Crypto Market Breach

The recent phishing attack on email service provider MailerLite has raised significant concerns within the crypto market. The company disclosed to Decrypt that the breach, which occurred when a support team member unwittingly fell victim to a deceptive link and provided their Google credentials, resulted in unauthorized access to MailerLite's internal system. Here are the key points of the incident: Hackers gained access to MailerLite's internal system by executing a password reset for a specific user on the admin panel. They were able to impersonate user accounts, focusing primarily on cryptocurrency-related accounts. A total of 117 accounts were accessed, with some being used to launch phishing campaigns using stolen information. Notable affected accounts included CoinTelegraph, Wallet Connect, Token Terminal, DeFi, and Decrypt. The hackers managed to steal over $580,000, according to ZachXBT, with the funds being sent to a specified address. Web3 security firm Blockai

Is Ethereum Poised for a Rally to $2K? Bulls Beware: Ethereum Price Analysis

Is ETH on the Verge of a Rally to $2K? Bulls Need to Be Careful Around This Level: Ethereum Price Analysis

The recent surge in the cryptocurrency market has led to significant price increases across various assets, including Ethereum. However, as the price of Ethereum approaches a critical resistance level, there is a possibility of it being rejected. In this analysis, we will closely examine the charts to gain insights into Ethereum's current price action and potential future behavior.

Daily Chart Analysis

Upon analyzing the daily chart, it becomes evident that Ethereum has experienced an extended consolidation phase near the $1.6K support level. However, with increased buying interest, the price has recently surged towards the 100 and 200-day moving averages, located around $1765 and $1805, respectively.

These moving averages, which Ethereum had previously dropped below in mid-August due to intensified selling pressure, now serve as dynamic solid resistance levels. If the price is rejected within this range, it could indicate a valid pullback, potentially leading to another decline towards the $1.6K support level. On the other hand, if Ethereum buyers successfully push the price above this crucial region, it could revive bullish sentiment and pave the way for further market appreciation.

4-Hour Chart Analysis

Analyzing the 4-hour chart, we observe a positive outlook among Ethereum traders and potential future behavior. While consolidating around the $1.6K support region, the price formed a descending wedge pattern, marked by orange trendlines. This pattern is a well-known bullish reversal pattern among technical traders.

With increased buying pressure, Ethereum recently broke above the upper threshold of the wedge and experienced a pullback, indicating a possible upward trajectory in the short term. However, the recent price spike has brought ETH close to an important resistance zone. This zone includes the static resistance at $1.8K and the dynamic resistance of the upper boundary of the extended descending wedge, indicated by white lines.

This resistance area could impede the current upward rally due to intensified selling pressure. Nevertheless, considering the active futures market, if the price surpasses this critical range, it would be favorable for Ethereum buyers and could lead to a surge towards the $2K resistance level. Traders should closely monitor these significant levels to make informed decisions in the market.

Open Interest Analysis

Following a sudden decline in mid-August, there was a corresponding drop in the open interest metric, reaching a multi-month low. However, a recent increase in buying pressure has resulted in a significant price surge. These sudden market movements are often connected to liquidations in the futures market. Therefore, it is essential to investigate whether this is the case once again.

The chart illustrates the Open Interest metric, representing the total number of open positions in perpetual futures markets. Higher values typically indicate increased market volatility. The chart shows that the recent price spike coincided with a sharp rise in Open Interest, suggesting that the futures market may have been the driving factor behind the recent bullish rally.

The substantial increase in Open Interest suggests that a short liquidation cascade occurred, pushing the market upwards. However, despite the consistent upward trend in the Open Interest metric, traders should proceed cautiously. While rising values could indicate potential upward market movements, it is crucial to closely monitor this indicator, as high readings might be accompanied by significant liquidations that could lead to unexpected market downturns.

In conclusion, Ethereum's price action is currently approaching a critical resistance level, which could either lead to a valid pullback or a potential rally towards the $2K resistance level. Traders should closely monitor the daily and 4-hour charts, as well as the Open Interest metric, to make informed decisions in this dynamic market.

Disclaimer: The above analysis should not be considered as financial advice. Cryptocurrency investments are subject to market risks, and traders should conduct their own research before making any investment decisions.

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