Ethereum / USD Technical Analysis Summary
Buy Stop։ Above 3479.54
Stop Loss: Above 3056
Ethereum / USD Chart Analysis
Ethereum / USD Technical Analysis
The technical analysis of the price chart on daily timeframe shows ETHUSD: H1 is rising to test the 200-period moving average MA(200) after the price breached the resistance line following multiple tests of it. We believe the bullish momentum will continue after the price breaches above 3479.54. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 3056. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of CRYPTO – Ethereum / USD
Ronin, an Ethereum chain built to support the play-to-earn game Axie Infinity, reported theft of ETH worth roughly $590 million. Will the ETHUSD price continue rebounding?
Developers of the blockchain network Ronin said attackers had stolen 73,600 ETH (worth roughly $590 million at current prices) and 25.5 million worth of the stablecoin USDC on March 23. Sky Mavis, which developed the Ronin network, said they “discovered the security breach on March 29th, after a report that a user was unable to withdraw 5k ETH from the bridge.” Bridges are software mechanisms for moving funds between blockchains. They published the Ethereum address which now holds the majority of the stolen funds, with Etherscan having flagged the address as “reported to [be] involved in a hack targeting the Ronin bridge.” Developers say they are working with Axie Infinity / Sky Mavis stakeholders to “ensure no users’ funds are lost.” Incidents of Ethereum network breaches and theft of Ethereum are bearish for ETHUSD. However current setup is bullish for ETHUSD.