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Ethereum Technical Analysis: ETH/USD succumbs to selling pressure and drops to $230 after major Twitter hack involving cryptocurrencies

  • Barack Obama, Elon Musk, Binance, and many others had their Twitter accounts hacked.
  • All accounts posted the same Bitcoin scam and managed to steal more than $100,000 in Bitcoin.
Ethereum Technical Analysis: ETH/USD succumbs to selling pressure and drops to $230 after major Twitter hack involving cryptocurrencies
Lorenzo StroeLorenzo StroeIndependent Analyst

Ethereum has dropped to $230 after a significant sell-off following the recent Twitter hack. The attacker targeted all major cryptocurrency exchanges followed by prominent figures like Elon Musk and even former US president Barack Obama. Dozens of celebrities were hacked in what seems like a Twitter vulnerability. Bitcoin started dropping shortly after the hack and most altcoins followed suit.

ETH/USD daily chart

ETHUSD

This recent drop is definitely not good for Ethereum which has lost its daily uptrend and lost the daily 12-EMA and the 26-EMA. It’s not game over for the bulls yet as they can still recover in the next 24 hours. The hack itself wasn’t that catastrophic and only around $100,000 was stolen, a sum not large enough to cause any direct price change.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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