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Crypto Industry News:
One of South Korea's major cryptocurrency exchanges - operated by a subsidiary of the Korean technology giant Kakao - notified users of the theft of 342,000 Ethereum from a hot wallet. The incident was confirmed in an official statement by Lee Seok-woo, CEO of Upbit operator Dunam.
In his statement, Lee Seok-woo revealed that:
"At 13:06 November 27, 2019, 342,000 ETH (about 58 billion won) was transferred from Upbeat Ethereum Hot Wallet to an unknown wallet. The unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029," we read.
Apologizing to users for any "inconvenience" arising, the CEO outlined the measures that the stock exchange took after detecting the incident, while not calling it "hacking."
The stock exchange is committed to protecting user assets by stating that ETH 342,000 (approximately $ 50 million) will be covered by corporate funds. Resuming deposits and withdrawals will take at least two weeks - Lee Seok-woo promises to inform users as soon as they are re-opened.
The director-general also pointed out that all other recent large-scale transfers were not abnormal but were related to the transfer of stock exchange assets between hot and cold portfolios.
Technical Market Overview:
The ETH/USD pair is currently testing the key technical resistance located at the level of $152.28 and even a new local high was made at the level of $154.78. Nevertheless, the move upwards was made in three waves only, so it looks like a typical simple corrective move during a downtrend. When the correction is terminated, the market should resume the downtrend. The key short-term support is seen at the level of $136.98.
Weekly Pivot Points:
WR3 - $213.59
WR2 - $198.67
WR1 - $165.68
Weekly Pivot - $151.03
WS1 - $118.96
WS2 - $103.42
WS3 - $72.28
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
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