Ethereum Price Technical Analysis – Downside Acceleration

Ethereum Price Key Highlights

  • Ethereum price moved down further and traded below the last week’s low to set a new low of 0.00251BTC.
  • There is a bearish trend line formed on the hourly chart, acting as a hurdle for buyers in the short term.
  • There is a risk of more losses, as sellers look in control of the situation.

Ethereum price continued to weaken as the price fell to a new low of 0.00251BTC where buyers appeared.

Can Sellers Remain in Control?

There was a lot bearish pressure noted on the Ethereum price recently, which took the price towards 0.00250BTC. There were a couple of nasty spikes noted around the stated level, but every time sellers attempted to break it buyers appeared to prevent the downside. The price is currently correcting higher, but facing a resistance around a bearish trend line formed on the hourly chart of the Ethereum price. The price is also below the 100 hourly simple moving average, which is a sign that sellers are in control in the short term.

Ethereum Price Technical Analysis

If the price corrects higher from the current levels, then the highlighted trend line and resistance area might come into play. It is also coinciding with the 38.2% Fib retracement level of the last drop from 0.00395BTC to 0.00251BTC. So, a break above it might be difficult. However, if buyers manage to clear it, then the most critical 100 hourly MA might come into play. Any further gains could be challenging, as there is a major resistance formed around 0.00320BTC

On the downside, the last low of 0.00251BTC is a support area, which if broken may take the price towards 0.00248BTC.

Intraday Support Level – 0.00251BTC

Intraday Resistance Level – 0.00320BTC

The hourly RSI is around oversold levels, which means there is a chance of an upside move.

 

Charts courtesy of Trading View


Subscribe to our newsletter

Dogecoin Price Key Highlights

  • Dogecoin price continued to trade lower and even created a new low to trade near 50.0 Satoshis.
  • 50.0 Satoshis holds a lot of importance in the near term, and might produce a bounce moving ahead.
  • A break below the stated level could ignite a major downside reaction if sellers gain control.

Dogecoin price continued to slide, and even cleared the last low of 51.3 Satoshis to trade towards 50.0 Satoshis.

Trend Line Support

There was a new low created this past week in the Dogecoin price at 51.3 Satoshis. However, sellers were in control, which took the price lower further to create a new low of 50.3 Satoshis. However, there is a support trend line formed on the hourly chart connecting all major previous swing lows. The highlighted trend line came for rescue of buyers and helped them to prevent losses. There is no denial that there is a major support formed near 50.0 Satoshis, as the stated level holds the key in the near term.

Dogecoin Price Technical Analysis

A break below the trend line and support area might be very bearish for the Dogecoin price. In that situation, the next level of interest for sellers could be around 46.0 Satoshis. If the price attempts to move higher, then it might face a lot of barriers. The first one is around the 23.6% Fib retracement level of the last drop from 58.3 Satoshis to 50.3 Satoshis. The mentioned Fib level is positioned with the 100 hourly simple moving average. So, we can say that 52.2 Satoshis is a short-term pivot area for the Dogecoin price.

On the downside, let us see how long 50.0 Satoshis can act as a support.

Intraday Support Level – 52.5 Satoshis

Intraday Resistance Level – 54.0 Satoshis

The hourly RSI is below the 50 level, which is a bearish sign.

 

Charts courtesy of Trading View

 

No one can argue that bitcoin has become a phenomenon that can’t ever be overlooked; the number of mainstream businesses adopting it, as a payment method, is increasing steadily and more and more venture capitalists are chipping in into various bitcoin startups. However, as the world’s first cryptocurrency is becoming more and more popular, this comes with a serious premonitory, especially that the anonymity offered by the blockchain technology is so tempting to hackers and fraudsters.

Whenever you become a victim of identity theft leading to loss of funds off your credit card or bank account, your losses would be covered by your bank or insurance company, but what if your bitcoins were stolen? Who would cover for your losses then? Accordingly, securing your PC and bitcoin wallets is crucial to turn down most hackers who might try to steal your coins.

How Hackers Can Target Your Bitcoin Wallets and Trading Accounts:

To maximize the security of your bitcoin wallets, you first need to understand how hackers can target your PC, mobile or server to steal your coins. Here are the most common types of attacks, hackers can use to exploit the vulnerabilities on your OS and steal your bitcoins:

1- Phishing:

Phishing IP addresses has always been one of the most commonly used types of hack attacks. Occasionally, the “IP phishing” is just the first step in more complicated types of attacks. In my opinion, nowadays if the IP of the “target” is recorded, 50% of the hacking process is already completed.

In most instances, a hacker creates a malicious link and sends it to the target machine, and once the user clicks on it, the IP address of his/her machine is recorded.

If you are using an online BTC wallet, you might receive a “fake” email that includes a link that directs you to a “fake” page of your online wallet login page and when you enter your login details, they are directly sent to the hacker who would definitely use them to drain all the BTC in your wallet; however, as all top online wallet providers have SSL protection, if you are attentive enough, you can bust such “fake” login pages easily.

2- Keyloggers:

In my opinion, keylogging is the easiest way to capture a password. A keylogger can be so deceiving that even a tech-savvy victim can fall for it. Simply speaking, a keylogger is a script code, which once installed on the OS of a target machine, records all the strokes on the keyboard and sends them back to the hacker, mostly via FTP.

The success of the process of injecting a keylogger is dependent on numerous factors including OS, the keylogger’s lifespan, the level of footprint infection on the target machine. Keyloggers are usually injected using a web browser exploit. Security vulnerabilities of the target machine vary according to the type of browser being used; whether or not the copy of the OS installed on the target machine is genuine or not; whether or not the OS is up-to-date regarding security vulnerabilities and bug fixes (2).

3- Stealers:

Stealers are pieces of software that retrieve the passwords and login credentials stored on your browser. Once FUD, some Stealers can be very powerful. In most instances, a stealer is a .bat file that can be injected into the target machine online or via a USB drive through “social engineering” (1).

4- Cookie Hijacking:

Cookie hijacking, or session hijacking, is the process of exploiting a valid computer session maliciously to gain unauthorized access to information or service on the target machine.

As http communication utilizes many TCP connections, a web server has to have a method to identify every user’s connections. Session tokens and cookies are the most commonly used client authentication methods nowadays. Cookie hijacking has many forms including session sniffing, cross-site script attack, side-jacking, man-in-the -middle attack and man-in-the-browser attack (3).

How Can You Secure Your Bitcoin Wallets and Trading Accounts?

 

1- Operating Systems and Bug Fixes:

Using a genuine OS that is regularly updated for security vulnerabilities and bug fixes is the first step in securing your bitcoin wallets. I would never recommend using android devices to access your bitcoin wallets, because, in my opinion, the android OS is full of security vulnerabilities that would act like a magnet attracting hackers.

2- Desktop Bitcoin-qt wallets Vs Online Wallets:

The security of most online bitcoin wallets is questionable. A large number of online wallet providers and bitcoin exchanges have suffered from a wide variety of security breaches and to our present day, such services still don’t offer adequate insurance and security to its users. If you have to use an online bitcoin wallet service, use “two factor authentication” to boost your security.

Bitcoin-qt wallets are the best option to maximize your security which will render you the only one having the private keys of your bitcoins. Don’t put all your eggs in one basket i.e. keep small amounts of money on your computer, server or smartphone for everyday expenses and use “cold storage” to store the majority of your coins. You should use strong passwords for both types of wallets. Multi-signatures is also another feature that can maximize your security.

3- Using Proxies and VPNs:

Proxy servers and VPNs can increase the security of your bitcoin wallets. Although most people wrongly think that a VPN grants them anonymity online, the truth is it doesn’t, yet it boosts privacy. Think of VPN as “window curtains’; the curtains promote privacy of the activities taking place inside your house, yet the address of your house can still be identified.

VPN minimizes hackers’ access to the open ports on your router so reduces the possibility of successful hack attacks (4).

4- Anti-Phishing Browsing Behavior:

Always, be cautious before clicking on any link. As mentioned earlier, your IP addressea would be recorded the second you click on a malicious link. Whenever you are suspicious about a link, use a “Website Phishing Check” service before clicking it.

5- Encrypt and Backup Your Wallet(s):

A wallet backup is indispensable to protect against PC failures and human errors. An encrypted wallet backup can help you retrieve your coins after your computer or mobile phone is stolen. You should always encrypt your online backups; even a PC connected to the internet is rather vulnerable to malicious attacks. Accordingly, any backup that can be accessed via the internet should be encrypted (5).

6- Cold Storage:

An offline wallet is also sometimes referred to as “cold storage” of bitcoin. Cold storage is the best way to store bitcoin in a secure place that has no network access. Cold storage should be used to store bitcoin savings.

Conclusion:

Although bitcoin represents the mostly targeted digital currency by hackers today, following strict security measures can turn down most attacks. Dealing with bitcoin should be approached on a secure machine while also adopting secure web browsing behavior.

References:

1- Ethical Hacking and Penetration Testing Guide 1st Edition

by Rafay Baloch. http://www.amazon.com/Ethical-Hacking-Penetration-Testing-Guide/dp/1482231611

2- Keyloggers ETHICAL HACKING EEL-4789 http://web.eng.fiu.edu/~aperezpo/DHS/Std_Research/Keylogging%20final%20edited%202.0%20.pdf

3- OWASP. Session Hijacking Attack https://www.owasp.org/index.php/Session_hijacking_attack

4- I Am Anonymous When I Use a VPN 2015 Edition: With 3 New Myths https://www.goldenfrog.com/take-back-your-internet/articles/myths-about-vpn-logging-and-anonymity

5- Bitcoin.org. Securing Your Wallet. https://bitcoin.org/en/secure-your-wallet