04.12.202311:30 Forex Analysis & Reviews: Technical Analysis of ETH/USD for December 4, 2023

Crypto Industry News:

Recorded Future's latest report unveils a staggering revelation: North Korean hackers, primarily orchestrated by the notorious Lazarus Group, have successfully pilfered a staggering USD 3 billion in digital assets over the past six years. Remarkably, this amount is ten times greater than the total exports of the country for the entire year of 2021. The Lazarus Group, known for its cybercriminal activities, is reportedly channeling these illicit gains to support North Korea's nuclear weapons budget, contributing to the nation's increasingly aggressive rhetoric.

Specializing in the cybersecurity industry, Recorded Future's findings shed light on the immense scale of digital asset theft by North Korean hackers. The data reveals that between 2017 and 2023, these hackers have siphoned off approximately USD 3 billion in cryptocurrencies. Notably, over half of this substantial sum was stolen within the last 12 months alone, underscoring the accelerated pace of their illicit activities. The value of the stolen digital assets aligns closely with half of the Democratic People's Republic of Korea's (DPRK) annual military spending.

Initially focusing their attacks on South Korean cryptocurrency exchanges, North Korean hackers, with growing expertise, expanded their targets globally. Backed by the Pyongyang regime, the Lazarus Group operates on a scale unmatched by individual cybercriminals. The regime provides them with sophisticated tools and unwavering support for their activities. The pilfered digital assets, in turn, serve as a clandestine source of funding for the DPRK's nuclear weapons programs, posing significant challenges on both cybersecurity and geopolitical fronts.

Technical Market Outlook:

The ETH/USDT pair has resumed the up trend and made a new swing high at the level of $2,262 (at the time of writing the article). The next target for bulls is the level of $2,445. The key short-term technical support is seen at the level of $1,905 and only a sustained breakout below this level would change the short-term outlook to more bearish.

Weekly Pivot Points:

WR3 - $2,621

WR2 - $2,422

WR1 - $2,323

Weekly Pivot - $2,183

WS1 - $2,104

WS2 - $1,964

WS3 - $1,745

Trading Outlook:

The Ethereum market has been seen moving up since the low was made at the level of $1,520. The crucial technical support at $1,368 holds significance, and as long as the market maintains trades above this level, the overall outlook remains bullish.