Crypto Industry News:
The hacker who attacked the bankrupt cryptocurrency exchange FTX began to transfer his Ethereum resources to a new wallet address. The attacker was the 27th largest ETH holder after the hack, but fell 10 places after the weekend's ETH dump on exchanges.
The FTX hacker siphoned nearly $447 million from numerous FTX global and FTX USA exchange wallets just hours after the crypto exchange filed for bankruptcy on November 11. Most of the funds stolen were ETH tokens, making the hacker the 27th largest ETH whale.
Two hackers were active at the time of the FTX hack, one in a black hat who managed to steal $447 million and one in a white hat who managed to transfer $186 million worth of FTX assets to a cold wallet. However, when the Bahaman Securities and Exchange Commission released a notice suggesting they were trying to move assets out of FTX, it raised a lot of suspicion, with many claiming that the securities regulator was actually the hacker behind the hack.
Technical Market Outlook:
The Ethereum market has made a Double Bottom price pattern on the H4 time frame chart and is bouncing from the sell-off low seen at $1,073. The bearish pressure is still strong, so in a case of extension to the downside the next target is seen at $999. The intraday technical resistance is located at $1,191 and $1,1219. The momentum is moving away from the extremely oversold conditions on the H4 time frame chart, so the odds for a strong bounce are high. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues.
Weekly Pivot Points:
WR3 - $1,198
WR2 - $1,151
WR1 - $1,143
Weekly Pivot - $1,125
WS1 - $1,110
WS2 - $1,092
WS3 - $1,059
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 at the level of $2,029. The key technical support for bulls at $1,281 was broken already. If the down move will be extended, then the next target for bears is located at the level of $1,000.
Relevance up to 08:00 2022-11-24 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
