Crypto Industry News:
Vitalik Buterin's account on X (formerly Twitter) hacked. What's more, the hacker used it to scam almost $700,000. Everything happened over the weekend, and the creator of Ethereum himself has not yet commented on the situation.
There is an uproar in the cryptocurrency community and there are more and more critical voices towards Buterin. Some even claim that he should take responsibility for the situation and cover the losses of the injured people.
Vitalik Buterin, the creator of the Ethereum network and the second cryptocurrency on the market (ETH), is followed on X by 4.9 million people. His entries are followed by the entire cryptocurrency community. Buterin very often shares his thoughts on both Ethereum and the entire cryptocurrency market on X.
For this reason, the account of the creator of ETH enjoys extremely high interest and trust in the information provided by Buterin. The weekend of September 9-10, 2023 will certainly be remembered by both Buterin himself and his followers. The incident on the X platform was first reported by Dmitry Buterin, Vitalik's father. He noted that his son's account on X had been hacked. Hackers took over the profile of an Ethereum creator and shared a malicious link to a supposedly free NFT token. The non-fungible token was intended to celebrate "the arrival of Proto-Danksharding on Ethereum.
Clicking on the malicious link initiated a message asking to connect your digital wallet. Accepting the request gave the hacker unlimited access to the digital assets stored in the victim's account.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $1,600 and this level is now being actively tested by bears. Since then the ETH has been seen trading in a narrow range, but the bearish pressure is visibly increasing. The momentum is still weak and negative, so the short-term outlook for ETH remains bearish. The intraday technical resistance is seen at the level of $1,623 and the next technical support levels are located at $1,600, $1,579 and $1,525.
Weekly Pivot Points:
WR3 - $1,643
WR2 - $1,627
WR1 - $1,620
Weekly Pivot - $1,610
WS1 - $1,603
WS2 - $1,593
WS3 - $1,577
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 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
