Ether May Be Saving Effort for a Future Move

The ETH price is not changing much on Tue Feb 5, trading around $106.22.
Dmitriy Gurkovskiy
Ethereum Symbol charts

On H4, it looks like the crypto may rise soon, which is confirmed by the MACD convergence and the price reaching both 76% Fibo and the round number of $100. Whether this is just a pullback or a reversal for an uptrend, yet remains to be seen.

ETHUSD H4

The low at $101 is a local support. When the price pulled back after the convergence, a triangle was formed. The pullback targets may lie at 23.60% and 38.20% Fibo, or $115.03 and $123.68, respectively.

On H1, the price bounced off the triangle support, while the Stochastic’s golden cross means the crypto may rise to the resistance at $110. In case this level gets broken out, ETH may continue forming its uptrend, with an immediate target at $113.12.

ETHUSD H1

Meanwhile, errors and vulnerabilities found by Parity Technologies, a startup company, are being actively discussed in the market. The protocol errors might have put to hacker attack threat all services based on JSONRPC, which includes MyCrypto and MyEtherWallet.

This has already been fixed before any malicious activity could have been performed. The clients have been advised to immediately update their software in order to minimize the risks.

This story means that Ether guys have taken the right decisions after the hacker attacks in December when the attackers managed to scan the network and find unprotected mining equipment and wallets.

When it comes to the crypto news, it is also worth mentioning that Nomura Line is ready to launch a crypto exchange. The parties have already signed an agreement, and the project has already been in the news for around six months but looks like it’s only now when it started being actively developed. Line’s role will be blockchain and online security, while Nomura is responsible for financial analysis and expertise.

Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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