ETH forms bullish technical setup amid unsuccessful Ethereum attack attempt

ETH forms bullish technical setup amid unsuccessful Ethereum attack attempt
“Ethereum ETH Crypto Coin Stock Photo” by Crypto360 is licensed under CC BY 2.0
  • ETH/USD pair logs 5.5% gains as Ethereum attack plan foiled.
  • Major global brokerage firm offers Ethereum trading and custody options to clients.
  • The opposite trend in Ether and its RSI spark bullish vibes.

JAIPUR (CoinChapter.com) – Ether resumed its uptrend as bullish confidence in the second-largest cryptocurrency returned after an unsuccessful network takeover attempt. ETH/USD spot buyers pushed up prices by almost 6% from $3,266 to $3,456 as soon as the news broke out. Ethereum trading and custody offering announcement by Interactive Brokers also supplied fuel to the pair’s bullish momentum.

Related: Ethereum (ETH) primed to hit $10,000 by the end of the year, asserts executive

Ethereum Attack Mission Failed

Although the attackers did manage to attract a few nodes to approve the spurious chain, the majority of the Ethereum network thwarted the takeover attempt. Developer Marius Van Der Wijden apprised the community about the said attack.

“Someone unsuccessfully tried to attack #ethereum today by publishing a long (~550) blocks which contained invalid pow’s. Only a small percentage of @nethermindeth nodes switched to this invalid chain. All other clients rejected the long sidechain as invalid.”

observed Van Der Wijden

Van Der Wijden spotted the discontinuation of mining activities on the alternative blockchain. As a result, the main blockchain overtook the attacker’s chain in mining difficulty. As a result, all affected nodes of the Nethermind client were “reorged back to the good chain.”

The development presented bullish opportunities to long-term Ethereum believers. However, another piece of news also invited a flurry of buy orders for the ETH/USD pair.

Related: Ethereum (ETH) looks poised to blast towards $4K; three reasons why

Interactive Brokers Offers Crypto Trading To Clients

Global brokerage firm Interactive Brokers announced the launch of cryptocurrency trading for both individual and institutional clients. Over the years, the firm’s stock has garnered a $25.6 billion market cap, with the firm itself handling 720 thousand client brokerage accounts, with $170.1 billion in customer equity.

As per the announcement, Interactive Brokers partnered with Paxos Trust Company to streamline trading and custody of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) for its customers.

“”As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives. In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”

said Milan Galik, Chief Executive Officer of Interactive Brokers.

Interactive Brokers’ Ethereum trading debut added to an interesting technical setup on ETH/USD price charts to attract a resurgence in Ether buying activity.

Opposing Price Movement And RSI Trend

After a catastrophic fall from $3939 to $3000 last Tuesday, the ETH/USD pair traded sideways with a subtle Descending channel formation. However, after having bottomed at 20, Ether’s relative strength index (RSI) rallied up higher, forming higher lows with every retracement.

Ethereum's ETH looks primed to break out to the upside
Ethereum’s ETH looks primed to break out to the upside. Source: ETHUSD on TradingView.com

The said setup presents a bullish scenario, with buyers displaying increasing confidence in Ether even while ETH languishes in a bearish deadlock. Ether’s propensity to break out of the impasse is on the higher side, with $3,979 serving as the near-term target for bulls. Closing above the said resistance would open gates for the rally to $4,500.

Nonetheless, if bears manage to take control, a revisit to prices near the $3000 support cannot be ruled out. The overall trend remains bullish.

“If we are in a bull market. Which I believe we are. Imo this is the bottom of $ETH (same range from a few days ago)

Confluence on both $BTC/ USD pairs

A lot of historical confluence from 2017/18 HH + HL intact”

said Twitter-based analyst Pentoshi

“Still standing by, peak high bull cycle prediction;

#Bitcoin to $250,000-300,000

#Ethereum to $15,000-20,000

#Polkadot to $250-350

#Chainlink to $250-350

#Cardano to $10-20

#Zilliqa to $5-7

#Elrond to $750-1000

#DIA to $50-75

The other one was January.”

noted Amsterdam-based crypto trader and analyst Michael Van De Poppe.

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