Coinbase Wallet Adds Support for Ethereum Classic

Coinbase Wallet, provided by major U.S. crypto exchange Coinbase, has launched support for Ethereum Classic (ETC), according to an official company blog post Nov. 27.

Ethereum Classic is the result of a hard fork in 2016, arising out of differences into how to respond to the high-profile DAO hack of the Ethereum (ETH) blockchain.

Today’s blog post outlines that the Coinbase Wallet app should update over the “next few days,” after which users will be able to view, send and receive ETC to their addresses. Fo existing Coinbase Wallet users, their ETC address will be identical to their current ETH address.

In addition to ETC, Coinbase Wallet supports storage, sending and receiving of ETH and “100,000+ ERC20 tokens.”

As previously reported, Coinbase first announced it would be listing Ethereum Classic on its trading platform in June, leading to a sharp spike in the asset’s value. After the listing went live in early August, ETC was also incorporated into the Coinbase Index Fund.

Also in August, crypto exchange and wallet service Bittrex added a U.S. dollar-ETC trading pair, the same month as crypto trading app Robinhood announced its own support for the asset.

At press time, ETC is ranked 17th largest crypto by market cap, and is trading at $4.30, down almost 8 percent on the day, according to CoinMarketCap.



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Ethereum Classic Price Analysis: ETC/USD At Risk Of Break Below $4.00

Key Highlights

  • Ethereum classic price is under pressure below the $5.00 resistance against the US dollar.
  • There is a major bearish trend line formed with resistance at $4.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is likely to struggle above $4.50 and it could even break the $4.10 low in the near term.

Ethereum classic price declined further against the US Dollar and Bitcoin. ETC/USD could accelerate losses below $4.10 and $4.00 if it fails to climb above $5.00.

Ethereum Classic Price Analysis

During the past few days, there was a sharp decline in ETC price below the $6.00 support against the US dollar. The ETC/USD pair even broke the $5.00 support area and settled well below the 100 hourly simple moving average. The recent rise in selling pressure on Ethereum, ripple and bitcoin sparked more losses in ETC below $4.50. The price even broke the $4.20 support level and formed a new yearly low at $4.08.

At the moment, the price is consolidating losses above the $4.10 level. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $4.91 high to $4.08 low. More importantly, there is a major bearish trend line formed with resistance at $4.50 on the hourly chart of the ETC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $4.91 high to $4.08 low. Therefore, if the price corrects higher, it may face a strong resistance near the $4.40 and $4.50 levels.

The chart suggests that ETC price is struggling to stay above the $4.10 and $4.08 levels. If there is a downside break below $4.08, the price is likely to accelerate losses below the $4.00 level in the near term.

Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.

Hourly RSI – The RSI for ETC/USD is flat below the 50 level.

Major Support Level – $4.00

Major Resistance Level – $4.50

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Ethereum Price Analysis: ETH/USD Resumes Decline Below $110

Key Highlights

  • ETH price failed to break the $119 resistance level and later declined against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend the current decline below the $105 and $102 support levels.

Ethereum price failed to gain traction and declined against the US Dollar and bitcoin. ETH/USD could even break the $98 low and extend losses in the near term.

Ethereum Price Analysis

Yesterday, we saw a decent recovery above the $115 level in ETH price against the US Dollar. However, the ETH/USD pair failed to gain traction above the $118 and $119 resistance levels. It was rejected near the 61.8% Fib retracement level of the last drop from the $127 high to $98 low. More importantly, there was no close above $118-120 and the 100 hourly simple moving average.

The price was rejected, resulting in a fresh decline below the $115 and $110 levels. Besides, there is a crucial bearish trend line in place with resistance at $113 on the hourly chart of ETH/USD. The pair recently broke the 50% Fib retracement level of the last wave from the $98 low to $119 high. At the outset, the price is following a declining channel with resistance at $106 on the same chart. In the short term, there could be a minor upward move, but upsides are likely to be capped near $110 or $113. On the downside, an immediate support is at $102 followed by $100.

Looking at the chart, ETH price is likely to extend the current decline if sellers remain in control below $110. The price may even break the $100 and $98 levels to post new 2018 lows in the near term.

Hourly MACDThe MACD is currently in the bearish zone.

Hourly RSIThe RSI settled below the 50 level with a negative angle.

Major Support Level – $100

Major Resistance Level – $113

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Bitcoin, Ripple, Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 26

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The digital currencies were relatively stable from early September of mid-November, after which the decline started. Since then, incessant selling dragged the total market capitalization of cryptocurrencies from above $210 billion on Nov. 14, to just below $116 billion on Nov. 25, a fall of close to 45 percent.

After such a waterfall decline, an equally sharp pullback is probable. However, the markets will not switch over from a strong bear phase to a bull phase instantly. Mike Novogratz, ex-Goldman Sachs partner and founder of Galaxy Digital, believes that the cryptocurrencies will stage a turnaround next year.

While the fall has hurt traders’ accounts, it has not stopped the adoption of cryptocurrencies. In an apparent first, businesses in the U.S. state of Ohio will be able to pay their taxes in Bitcoin. This facility may possibly be extended to the individual taxpayers in future, according to the Wall Street Journal (WSJ).

BTC/USD

Bitcoin dropped to a low of $3,620.26 on Nov. 26, from where the bulls attempted a pullback that hit a roadblock just above the $4,200 level. Currently, the bears are attempting to resume the downtrend. The zone between $3,000–$3,500 is an important support and we expect it to hold.

The fall in the last few days has plunged the RSI into deeply oversold levels. Though in a bear phase the RSI frequently stays close to the oversold zone, a reading of 11 on the RSI indicates capitulation.

Usually, such a sharp decline is followed by an equally sharp throwback rally. The BTC/USD pair will face minor resistance at the downtrend line but we expect it to be crossed. The upside targets are a pullback to 38.2 percent Fibonacci retracement level of $4,712.89 and a 50 percent retracement level of $5,050.40. The 20-day EMA is also just above this level and might act as a stiff resistance.

It is difficult to trade the rebound, hence, only experienced traders willing to take a risk should attempt to go long, if the virtual currency sustains $4,250 for about four hours. The stop loss can be kept just below $3,500. As this is a risky trade, use only 30 percent of the usual allocation. On the downside, if the digital currency breaks below $3,620.26, a fall to $3,000 is likely.

XRP/USD

Ripple broke below the support of $0.37185 on Nov. 25, but buying at lower levels helped it recover most of the intraday losses. The bears are currently attempting a sell off once again.

XRP/USD

If successful, the XRP/USD pair can decline to the support line of the channel, which will act as a strong support. However, if the level fails to hold, a retest of $0.24508 is possible.  

On the other hand, if the bulls push prices above $0.37185, a pullback will begin that can extend to $0.43 where we anticipate a strong resistance from the 20-day EMA. We do not find any buy setups; hence, we are not suggesting a trade in it.

ETH/USD

The buyers seem to have deserted Ethereum because there is not even a reasonable attempt to pullback after such a decline.

ETH/USD

On Nov. 25, the bears easily broke below the support of $110. The ETH/USD pair found some support at $102.96 but the pullback has been weak. A break of the $102.96 level can drag the digital currency to $83.  

On the upside, the recovery will face roadblocks at $130 and $140. If these two levels are crossed, a pullback to $158 is possible. However, we do not find any reliable buy setups, hence, it is best to stay on the sidelines.

BCH/USD

As the hash war in Bitcoin Cash is over, we have reintroduced it in our analysis. Due to the fork, we will have to look at it afresh.

BCH/USD

Within a short span of 20-days, the decline has been massive. The bulls are attempting to provide support close to $148.27. If they succeed, a pullback to 38.2 percent Fibonacci retracement and 50 percent retracement of the recent fall is probable.

If the bulls fail, the BCH/USD pair might extend its downtrend. Though it is in uncharted territory, the next major support is at $100. Traders can wait for a bullish pattern to form before initiating any long positions.

XLM/USD

Stellar broke below the critical support of $0.184 and $0.1547188, which is a bearish sign. It found some buying at $0.13427050 but the bulls are struggling to sustain the pullback.

XLM/USD

A breakdown of the Nov. 25 lows will resume the downtrend and push the XLM/USD pair to the next support at $0.08. Any recovery will face a stiff resistance at the $0.184 level. We do not find any reliable buy setups, hence, are not proposing a trade in it.

EOS/USD

Though the RSI is in oversold territory, the bulls could not initiate a recovery in EOS as it continues to trade below the $3.8723 level.

EOS/USD

The immediate support is at $3. If the EOS/USD pair bounces off this support, it will face a minor resistance at the downtrend line, above which $3.8723 will act as a major resistance. If the bears plummet prices below $3, the next support is at $2.40. Traders should wait for a trend reversal before attempting to buy it.

LTC/USD

Litecoin is in a firm bear grip. It broke its support at $32 and fell to a low of $28 on Nov. 25. There has been no reasonable pullback since the decline started on Nov. 14, which shows a lack of buying interest by the bulls.

LTC/USD

Below $28, the next support is at $20, but considering the oversold readings on the RSI, we anticipate a pullback within the next few days.

On the upside, the recovery will face a stiff hurdle at the 20-day EMA. We expect the LTC/USD pair to form a range before starting a new uptrend. Until then, we suggest traders remain on the sidelines.

ADA/USD

Lack of buying pushed Cardano to $0.033065 on Nov. 25. If this support breaks, the slide can extend to the next support at $0.025954.

ADA/USD

The RSI is in deep oversold levels that can result in a pullback that will face resistance in the zone of $0.50 and the 20-day EMA. We shall wait for a confirmed bottom to form and the chart pattern to signal a reversal before suggesting a trade on the ADA/USD.

XMR/USD

Monero broke below the support of $60 and slipped to $54.081 on Nov. 25. If this level is broken, there is a psychological support at $50, below which the slide can reach the $40 level.

XMR/USD

If the bulls hold the support of $54.081 and begin a recovery, the XMR/USD pair can rise to $71 and above that to $81. We expect a strong resistance at $81. Due to the oversold readings on the RSI, we anticipate a recovery within the next few days. However, there are no buy setups yet, hence, we are not recommending a trade in it.

TRX/USD

TRON broke down of the support at $0.0122194 and dipped to an intraday low of $0.01089965 on Nov. 25. The bulls have managed to hold prices close to the Nov. 20 lows but they have not been able to push prices higher.

TRX/USD

The RSI is deeply oversold, which shows that selling has been overdone. A recovery from the current levels can carry the TRX/USD pair to the overhead resistance of $0.01587681, where we expect sellers to step in.

Contrary to our opinion, if the bears continue to pound the digital currency, a fall to $0.00844479 is possible. Traders should wait for a new buy setup to form before buying.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.



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Ethereum Price Analysis: ETH/USD Rallies Into Resistance Near $118

Key Highlights

  • ETH price declined sharply and even broke the $100 level before recovering against the US Dollar.
  • There is a major bearish trend line formed with resistance at $116 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to surpass the $116 and $118 resistance levels to recover further in the near term.

Ethereum price declined to new lows against the US Dollar and bitcoin. ETH/USD spiked below the $100 level before recovering above $110.

Ethereum Price Analysis

In the weekly analysis, we discussed a sharp downside move towards $100 in ETH price against the US Dollar. The ETH/USD pair did move down and traded below the $115 and $110 supports. The price even broke the $100 level and formed a new yearly low at $98. Later, there was a decent upside correction and the price moved above $100 and $110. There was also a break above the 50% Fib retracement level of the recent decline from the $126 high to $98 low.

However, the price rallied right into a major resistance near $118. Moreover, there is a major bearish trend line formed with resistance at $116 on the hourly chart of ETH/USD. It seems like the previous support near $118 is now acting as a solid resistance. The pair also struggled to settle above the 61.8% Fib retracement level of the recent decline from the $126 high to $98 low. At the moment, the price is moving down towards $112 and is following the same bearish trend line. If there is an upside break above $116 and $118, the price could recover towards the $125-126 zone.

Looking at the chart, ETH price is clearly under a lot of pressure below $118 and $126. If it resumes its slide, there could be more losses towards $100 and $95 in the near term.

Hourly MACDThe MACD is currently in the bullish zone.

Hourly RSIThe RSI is currently placed well above the 50 level.

Major Support Level – $105

Major Resistance Level – $118

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$63 Billion Deleted From Crypto in 7 Days, Ethereum Drops to Double Digit




In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops.

Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456.

Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at $2.2 billion, dropped to $98, falling to a double-digit for the first time since May 2017.

Is the Bottom Finally in?

With Ethereum at $98 and Bitcoin at $3,456, technical indicators show oversold conditions for both major digital assets. Possibly due to oversold conditions, BTC has recovered relatively quickly from the $3,400 mark to $3,700 within hours.

At $3,456, BTC is down 82.2 percent from its all-time high at $19,500. When the price of BTC initially declined to $4,000, many investors suggested the possibility of a further drop below the $4,000 mark given that at $4,000, BTC was only down 79 percent from its all-time high.

On average, BTC tends to drop 85 percent during a major correction as shown in past price movements in 2011, 2013, and 2015.

Following BTC’s expected drop below the $4,000 mark, traders became more comfortable in finding a short-term bottom in the price trend of BTC.

A cryptocurrency trader and economist Alex Krüger said:

“Think that was it. Impossible to know if a bottom is a short or long term bottom. Possible to sense once a major bottom may be in by looking at high frequency price bars and volume i.e. when the elastic is ready to snap back. If it swings 15-30% off the lows, that’s a major bottom in % terms.”

Hsaka, a technical analyst, emphasized that it is too early to call a short-term bottom for Ethereum given that it has experienced a significantly steeper drop in comparison to BTC.

“Really stumped here. That wick could be chalked up to cascading liquidations and thin books. Looking for a HL on any retrace to confirm a daily bottom,” Hsaka said, echoing the sentiment of many investors in the market who are cautious towards the short-term trend of the third most valuable cryptocurrency in the global market.

Market Will Need a Strong Recovery Period

The cryptocurrency market has experienced large-scale bear markets in the past. While the infrastructure of the market is drastically different in 2018 with the involvement of major financial institutions, liquidity providers, and regulators, the sheer intensity of the drop of leading cryptocurrencies will likely require a long consolidation period.

In every bubble-to-build-to-rally cycle in crypto, newcomers and investors suffer intensely, both psychologically and financially. It is entirely possible for institutional investors to lead the next rally in crypto but for investors that were affected by the recent crash to invest in crypto could take time.

Featured Image from Shutterstock. Charts from TradingView.

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Ethereum Price Weekly Analysis: ETH/USD Tumbles Toward $100

Key Highlights

  • ETH price is under a lot of pressure and declined below $125 and $115 against the US Dollar.
  • There is a crucial bearish trend line formed with resistance at $115 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could even break the $100 support level if sellers remain in action in the near term.

Ethereum price fell significantly versus the US Dollar and Bitcoin. ETH/USD is likely to test the $100 support level considering the current price action.

Ethereum Price Analysis

The past few sessions were very bearish below the $130 level in ETH price against the US Dollar. The ETH/USD pair started a fresh decline from the $130 swing high and dropped more than 10%. The decline was such that the price broke the $120 and $110 levels as well. The price is now trading well below the $120 level and the 100 simple moving average (4-hours).

Sellers pushed the price in a nasty bearish zone below $110. A new yearly low was formed at $105 and it seems like the current downtrend is not over. The price is likely to accelerate declines below $105 in the near term. The next support is at $100, below which sellers could push the price towards the $90 level. On the upside, an initial resistance is at the 23.6% Fib retracement level of the last decline from the $145 high to $105 low. There is also a crucial bearish trend line formed with resistance at $115 on the 4-hours chart of ETH/USD. Above the trend line, the next major resistance for buyers is near the $122 level.

The above chart indicates that ETH price clearly struggling a lot below $120. There are high chances of a downside break below $100 in the near term. On the upside, resistances are seen near $115 and $122.

4-hours MACD – The MACD is placed heavily in the bearish zone.

4-hours RSI – The RSI is currently near the extreme oversold zone.

Major Support Level – $100

Major Resistance Level – $122

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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 23

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Does a crash in prices indicate the decaying fundamentals of an asset class? In many instances it does, but the market usually gets the fundamentals of an emerging technology wrong, both in the short term and in the long term.

In May 1997, Amazon’s share price was quoting at $18. Short-term expectations propelled it to $300 by December 1998 and from there it slumped to $6 per share after the dotcom bubble burst. At that point, the market was severely underestimating its potential and the non-believers were claiming victory. However, the model proved everyone wrong, and Amazon became the second company in the history to reach a market capitalization of $1 trillion.

Blockchain entrepreneur and industry advisor, Vinny Lingham, said to Cointelegraph: “The climate can change once more companies with solid use cases emerge from their development cycles, gain traction and prove sound business value to make a difference.” Just because the prices have crashed, it doesn’t signal the end of an asset class.

As the price action in the near-term is dictated by technicals, let’s look at the charts and forecast the probable price action.

BTC/USD

During a waterfall decline, support levels are not honored, making it difficult to predict the bottom. The pullbacks also usually last only for about 1–3 days. Bitcoin attempted a recovery on Nov.r 21 that failed at $4,799.74.

Subsequently, the BTC/USD pair has resumed its downtrend, making a new low. Both the moving averages are sloping down and the RSI is deep in the oversold territory. This shows that the sellers are in command.

The immediate support on the downside is $4,100, below which, the fall can extend to $3,500– $3,000.  

Any recovery attempt will face stiff resistance at the downtrend line and $5,000. Though we want to use the current fall to buy, we believe that the traders should wait for a level to hold before initiating any long positions.  

XRP/USD

Ripple has broken down of the uptrend line, which shows that it is also being affected by negative sentiment. However, it remains well above its lows, which confirms its outperformance.

XRP/USD

The moving averages have started to turn down and the RSI has dipped below 40, which suggests that the supply is outpacing demand.

The next support on the downside is $0.37185 and below that, $0.26913. The XRP/USD pair will point to a consolidation if the prices quickly scale above the uptrend line and the moving averages flatten out. For now, it is best to stay on the sidelines.

ETH/USD

Ethereum is not finding buyers at higher levels. The pullback stalled at $141.91, which shows a lack of buying support.

ETH/USD

Currently, the bears are attempting to extend the decline to the next support level at $110. Though anything is possible in the markets, we believe that the oversold levels on the RSI point to a probable pullback. We don not recommend trading on hope, hence, we shall wait for a new buy setup to form before suggesting any trade in it.

On the upside, the ETH/USD pair will face a stiff hurdle at $167.32. The 20-day EMA is also close to this level, making it a critical resistance to cross for the bulls.

XLM/USD

Stellar is at a critical level. If the bears sustain prices below $0.184, it will be negative and can result in the start of a new down move. The lower levels to watch on the downside are $0.1547188 that is the intraday low of March 18 and $0.138565, which is the intraday low hit on Dec. 22 of last year.

XLM/USD

Conversely, if the bulls successfully defend the $0.184 level, the XLM/USD pair, might pull back to the 20-day EMA and above it to the downtrend line. We suggest traders wait for a new buy setup to form before entering any long positions.

EOS/USD

Though EOS has broken down of the critical support at $3.8723, it has not plunged. This shows some buying support at lower levels. The oversold reading on the RSI also points to a recovery attempt.

EOS/USD

If the bulls scale $3.8723, a move to the downtrend line and above it to $4.493 is probable. The 20-day EMA is also located close to this level, hence, $4.493 will act as a major roadblock.

If the EOS/USD pair fails to rise above $3.8723, it can slump to $3. We do not find any bullish patterns developing, hence, we are not proposing a trade in it.

LTC/USD

The bulls have been attempting to hold the support at $32 for the past three days, but have not been able to push Litecoin higher.

LTC/USD

Still, the oversold levels on the RSI point to a probable pullback. On the upside, the LTC/USD pair will face stiff resistance at the 20-day EMA and above that at the $47.246–$49.466 zone.

On the other hand, if the bears sink prices below the support zone of $32–$29.653, the fall can extend to the next support at $20.

ADA/USD

The pullback in Cardano could not scale the $0.05 level and the price is back at the support of $0.041.

ADA/USD

If the ADA/USD pair breaks down and sustains below $0.041, it can slide to the next lower target of $0.025954.

On the other hand, if the bulls succeed in rebounding from close to current levels, the digital currency will again attempt to break out of $0.05. If successful, the pullback can extend to $0.060105, which is likely to act a major resistance because this is the previous support and the 20-day EMA is also close to this level.

XMR/USD

Though the bulls attempted a pullback in Monero on Nov. 21 and 22, they could not push prices above $72. As a result, the price turned down once again.

XMR/USD

In this down leg, if the XMR/USD pair plunges below $60, the fall can extend to the next support at $46.

If the virtual currency finds buyers at the current levels, the bulls will again attempt to break out of the $72 level. If this level is crossed, the pullback can continue to next overhead resistance of $81.

TRX/USD

TRON could not scale above the previous support-turned-resistance of $0.01587681 in the past two days. However, a small positive is that the bulls have held prices above the Nov. 20 intraday low of $0.0122194.

TRX/USD

We anticipate the bulls to make another attempt to climb above $0.01587681 and reach the next resistance of $0.0183.

However, contrary to our expectation, if the TRX/USD pair plummets below $0.0122194, the fall can extend to the next lower level of $0.00844479.

DASH/USD

Dash continues to trade near the support of the descending channel. This shows that sellers have the upper hand.

DASH/USD

Any breakdown of the channel will be a negative development that can push the DASH/USD pair down to the next support at $75.

If the support of the channel holds, the bulls will attempt another pullback to scale $120 levels and reach the next overhead resistance of $129.58. We believe that the traders should wait for a trend reversal before initiating any long positions.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.



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A Bug Making Ethereum Transactions on Exchanges Vulnerable Has Been Fixed

A bug centering around a new Ethereum token, GasToken, which was enabling abuse on cryptocurrency exchanges, appears to have been resolved. The details are provided in a report originally published on November 13, 2018, that discussed how the bug was exploited by attackers, and what digital platforms could do if they wished to protect their hot wallet funds.

It was unclear which exchanges could or could not be affected by the bug. Thus, private disclosures were issued to “as many exchanges as possible” according to a Medium post. While it was determined that most of these exchanges were not in any danger, all vulnerable exchanges have since instilled the proper protections. At press time, the bug is no longer considered a threat.

According to its website, GasToken is an Ethereum-based contract that allows individuals to tokenize the Ethereum network through a special refund mechanism. Users can store gas when the price is low and garner refunds when it’s high.

The website reads, “Every transaction on the network must include some gas, and the fee paid to miners for each transaction is directly proportional to the gas consumed by a transaction. GasToken allows a transaction to do the same amount of work and pay for less gas, saving on miner fees and costs and allowing users to bid higher gas prices without paying correspondingly higher fees.”

The document alleges that many exchanges either enforced no gas usage limits or allowed for the withdrawal of ether to arbitrary addresses. Combined with GasToken’s refund structure, an open doorway was subsequently provided to attackers, who could then mint gas whenever they received ether and make exchanges pay for arbitrary computation.

Attackers could exploit the bug in one of two ways. The first was by performing computations through Ethereum’s fallback function when a contract received Ethereum-based tokens from an exchange. If a malicious actor wanted to attack an exchange, the attacker could do so by initiating withdrawals to a contract address they controlled.

Granted the person operating the exchange had failed to enforce gas limits or know-your-customer (KYC) protocols, the exchange would pay the transaction fees out of their own hot wallet. The attacker could then create several accounts to bypass any single account withdrawal limits. They could also mint GasTokens, thereby causing the exchange owner’s wallet to drain even further.

The second attack vector could be exploited through a token’s transfer function. The attacker could force an exchange to pay for large amounts of computation and even cause it to burn its own ether supply.

From there, the attacker could drain the exchange’s hot wallet or mint the GasTokens for a profit if they controlled the token’s code on an exchange if the token featured an upgradeable contract or if the exchange automatically lists tokens. Whenever a token transfer occurred, the attacker could work to update the function, which would perform the same computation described in the first method, and the exchange would then pay the costs of every future transfer of that token.

The good news was that the bug could only affect exchanges that initiated Ethereum transactions not those that processed them. Thus, decentralized exchanges or those based on similar smart contract technology that processed transactions initiated by users were likely to remain unaffected.

The report listed several options to ensure the problem didn’t persist. For example, the authors suggested implementing reasonable gas limits on all transactions. That way, if any particularly expensive transactions occurred, the users would bear all the costs, ensuring exchanges remained free and clear of any charges.

In addition, exchange operators were advised to enforce both gas monitoring and rate limiting on all withdrawals. Most exchanges usually incorporate either one or the other, and neither tactic can do much on its own. Lastly, Ethereum-based contracts were told to implement gas usage restrictions when making calls to unknown addresses.

To view the full report, click here.

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Ethereum Price Analysis: ETH/USD Extending Declines Below $120

Key Highlights

  • ETH price failed to move above the $135 and $136 levels against the US Dollar.
  • There is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently under pressure and it could accelerate declines below the $120 level.

Ethereum price is faced a fresh round of selling against the US Dollar and bitcoin. ETH/USD broke the $120 low and it could accelerate further losses.

Ethereum Price Analysis

Yesterday, we saw a minor upside correction in ETH price from the $122 support against the US Dollar. The ETH/USD pair corrected above the $130 and $132 levels. The price also moved above the 50% Fib retracement level of the last slide from the $145 high to $121 swing low. However, the upside, move was capped by the $135 an $136 resistance levels.

Buyers also failed to break the 61.8% Fib retracement level of the last slide from the $145 high to $121 swing low. Moreover, there is a new key bearish trend line formed with resistance at $127 on the hourly chart of ETH/USD. Clearly, the pair failed to gain momentum above the $136 level and declined. The recent downside move was such that the price broke the $124 and $122 support levels. More importantly, the price traded to fresh yearly low below $120. It seems like sellers are back and they could push the price further lower towards the $115 or $110 levels in the near term.

Looking at the chart, ETH price likely completed a short term correction from the $122 support. It failed to gain pace above key resistances near $136 and $140, resulting in a fresh decline. Buyers need to be careful considering the current market sentiment and break below $120.

Hourly MACDThe MACD is now back in the bearish zone.

Hourly RSIThe RSI is currently moving lower towards the 20 level.

Major Support Level – $110

Major Resistance Level – $130

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