Ethereum price is faced with a fresh round of selling against the US Dollar. ETHUSD broke the $120 low and it could accelerate further losses. Where is the pair now headed? OctaFX shared their technical forecast.
November 23, OctaFX – Ethereum and Litecoin followed the broader cryptocurrency market lower this week, as the recent digital currency market sell-off showed few signs of stopping.
Ethereum and Litecoin crash
Ethereum came close to the $100.00 support level, while Litecoin broke the $30.00 benchmark before finding support from the $29.60 level. The recent decline in the cryptocurrency market has caused a ripple effect in the industry, with cryptocurrency mining now becoming unprofitable for some of the world’s largest crypto mining facilities.
Ethereum network vulnerability revealed
A news about the major vulnerability of major vulnerability on Ethereum blockchain might have added pressure on the third largest coin by market value.
As discovered by Level K company, focused on decentralized projects, the bug that sits in Ethereum-based cryptocurrency GasToken forces cryptocurrency exchanges pay extraordinarily high fees on ETH transactions. Bad actors could exploit the bug to make a profit.
"GasToken, which takes advantage of the refund mechanism on storage in Ethereum, allows users to store gas when the gas price is low and receive a gas refund when the gas price is high. By minting large amounts of GasToken when receiving ETH, the griefing vector mentioned above can now be a profitable attack," the company explained.
ETHUSD technical forecast
- The ETHUSD pair is strongly bearish while trading below the $190.00 level, further losses towards the $100.00 and $50.00 levels remains possible.
- If the ETHUSD pair trades above the $190.00 level, further gains towards the $205.00 and $2625 resistance levels then seems possible.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.