Despite the today’s rallies of ETHUSD, the current price of this pair remains below 7DMAs.

The prevailing rallies are not backed by momentum, for now, more slumps seem to be on the cards upon bearish MACD and DMA crossovers.

Both leading oscillators (RSI and stochastic curves) converge downwards that signal strength and momentum in the bearish swings.

The reports explain that the hackers/attackers had a stash of Ether worth over $17 million, after vigilant exploration of the recent MyEtherWallet hacking event. In conjunction with this, Cryptovest.com found more details related to the incident, including the attack vector used for poisoning the myetherwallet.com DNS.

Earlier this week, the way the internet routed people to IP addresses was partially compromised after what is presumed to be a group of hackers took advantage of the Border Gateway Protocol—a crucial backbone used to route traffic on the internet—to insert malicious routes on Amazon’s Route 53 service.

While the pair has retraced more than 61.8% Fibonacci levels from the peaks of 1424.30 levels (refer weekly plotting), the current price on this timeframe slid below 7EMAs, both leading & lagging indicators signal weakness here as well.

Thereby, the traders can snap the deceptive rallies and short for the target towards $497 and $452.32 levels, while the long-term investors should hold their nerves and wait for the better clarity in the trend directions.

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