empty
27.12.2023 11:57 AM
Technical Analysis of ETH/USD for December 27, 2023

Ethereum Crypto Fraud Summary of 2023

Cryptocurrency Fraud Declines Yet Remains a Significant Challenge

In the dynamic world of cryptocurrencies, fraud remains a persistent issue, despite a notable decrease in 2023. Chainalysis's research uncovered that approval phishing scams led to a loss of around $374 million in 2023, marking a 27% decline from the previous year. However, the staggering amount stolen underscores the ongoing threat to investors.

This image is no longer relevant

Approval phishing, a tactic where fraudsters trick users into authorizing transactions that enable access to funds, has become increasingly sophisticated. The largest single phishing address, according to Chainalysis, managed to expropriate $44.3 million from unsuspecting victims. This form of scam is particularly insidious in the Ethereum blockchain, where decentralized applications (dApps) often require users to sign transactions granting access to their funds.

The nature of these scams has evolved, with fraudsters now often targeting individuals, building trust through personalized approaches, including romance scam tactics. This evolution in strategy indicates a shift from widespread, less personalized attacks to more calculated, targeted ones, making them harder to detect and prevent.

Despite the decline in overall fraud numbers, the high success rate of some phishers is alarming. Out of 1,013 identified scam addresses, a few were exceptionally effective, with the top ten accounting for 15.9% of the total value stolen. This concentration of success in a small number of addresses highlights the need for increased vigilance and improved security measures within the crypto ecosystem.

Technical Market Outlook for ETH/USD

As for Ethereum, the ETH/USDT pair demonstrated resilience by rebounding from the internal trend line support at approximately $2,192. The intraday support is located at $2,179, while resistance levels are identified at $2,258 and $2,332. The market's direction remains uncertain as both bulls and bears vie for control.

This image is no longer relevant

The H4 momentum indicator points to a potential bullish trend, with a possible breakout towards $2,400. However, only a sustained move below the last swing low at $2,166 would alter the market's outlook to bearish.

Weekly Pivot Points
  • WR3: $2,444
  • WR2: $2,333
  • WR1: $2,280
  • Weekly Pivot: $2,228
  • WS1: $2,172
  • WS2: $2,120
  • WS3: $2,012

Ethereum's long-term outlook remains positive as long as the price stays above the crucial support level of $1,368. The mid-term support at $1,913 is also critical for sustaining the bullish trend.

Intraday 1H Indicator Signals
  • Buy signals: 15 out of 23 technical indicators
  • Sell signals: 2 out of 23 technical indicators
  • Neutral signals: 4 out of 23 technical indicators
  • Moving Averages: 12 indicating Buy, 6 indicating Sell
Market Sentiment

The sentiment in the Ethereum market leans bullish, with 77% in favor of bulls versus 23% for bears. This bullish sentiment has remained stable over the past week and the last three days.

Conclusion: Trading Insights for Ethereum

In the context of Ethereum trading, investors should cautiously monitor key support and resistance levels. For bullish traders, a sustained move above mid-term support levels indicates potential for continued upward momentum. Conversely, bears should watch for breaks below these critical levels, signaling possible bearish turns. Amidst the backdrop of evolving cryptocurrency fraud, traders must stay informed and exercise prudent risk management.

Useful Links

Important Reminder

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

One more step in developing decentralized crypto apps

Bitcoin is holding up quite well, even around the $120,000 mark, which keeps the chances of further growth alive, with a move toward $126,000 possible in the coming days. Ether

Jakub Novak 14:56 2025-08-13 UTC+2

Ethereum Foundation sells Ether

While Ether's price is just a step away from reaching a new all-time high, the Ethereum Foundation has begun gradually selling its holdings. This move certainly raises some eyebrows

Jakub Novak 09:35 2025-08-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 13

Bitcoin is holding relatively steady above the 118,000 mark, maintaining the chances of breaking through the 120,000 level in the near term. Ethereum appears clearly aimed at updating its all-time

Miroslaw Bawulski 08:56 2025-08-13 UTC+2

Bitcoin quickly loses all recent gains

Yesterday, Bitcoin and Ethereum quickly gave up all their gains after large purchases seen during Asian trading hours. However, this profit-taking can be considered largely speculative, as major market players

Jakub Novak 10:19 2025-08-12 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 12

Ethereum has been experiencing significant volatility lately. Yesterday, we saw a sharp surge in Ethereum's value, following Bitcoin's lead, but this surge quickly subsided, with prices returning to more stable

Miroslaw Bawulski 09:49 2025-08-12 UTC+2

Bitcoin reaches $122K

Since the start of Asian trading, Bitcoin has climbed from $118,000 to $122,000, with no signs of selling pressure in sight. Ethereum has topped $4,300, supported by positive macroeconomic news

Jakub Novak 09:22 2025-08-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 11

Bitcoin is aiming for a new all-time high, currently trading above $122,000. Ethereum is also nearing its record of over $4,400, suggesting the continuation of a bullish market that appeared

Miroslaw Bawulski 08:38 2025-08-11 UTC+2

Bitcoin touches $117,500

During this morning's session, Bitcoin updated its level to $117,500. The key task for buyers now will be to keep trading above the $116,000 mark. Ethereum also refreshed its high

Jakub Novak 11:44 2025-08-08 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 8

Earlier this week, many were worried that Bitcoin might plunge sharply toward the 110,000 level, fearing a deeper correction toward 100,000. However, market sentiment has since shifted in the opposite

Miroslaw Bawulski 09:07 2025-08-08 UTC+2

Cardano has the potential for a correction to test its pivot level in the near future. Friday, August 08, 2025.

Cardano – Friday, August 08, 2025. With the EMA(50) positioned above the EMA(200) and the RSI(14) indicator in Extreme-Bullish conditions, it appears that buyers are currently dominant. However, the appearance

Arief Makmur 07:39 2025-08-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.