ETHUSD Higher: Ethereum prices saw sharp gains on Wednesday versus the USD, reaching the three-week high of $320 before pulling back towards $310. However, there was at least one person who really didn’t appreciate the gains.
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User Accidentally Steals and Then Loses $300 Million Worth of Ethereum
On Tuesday, a single user permanently locked down dozens of digital wallets containing nearly $300 million dollars worth of ether by accident.
The lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform. It was kept in digital multi-signature wallets built by a developer called Parity.
These wallets require more than one user to enter their key before funds can be transferred. Effectively, this user accidentally stole hundreds of wallets simultaneously, and then set them on fire in a panic while trying to give them back.
How did ETHUSD React?
The ETHUSD formed a bullish engulfing chart pattern on Wednesday, testing above the daily Ichimoku cloud. Wednesday’s gains on Ethereum’s value, however, gave the trading community hope that the two-week consolidation may be coming to an end.
On Thursday’s Asian trading session, ETHUSD finally confirmed above the cloud. It also broke above the key pivot point and 38% Fibonacci level of 305.25.
This Fibonacci setup retraces the most recent ETHUSD uptrend from the lows of 153 in July to the record highs above 392. The next resistance level is set at 23% Fibonacci level of $340.80.
Support levels are set at 274.72 and 247.42 respectively.
Learn about Ichimoku – Fibonacci Strategy Development
Forex Update – RBNZ Leaves Rates Unchanged
The RBNZ left its cash rate unchanged at 1.75% as expected earlier during the Asian session. The initial market reaction was mainly positive with the NZD/USD pair confirming above the 4-hour Ichimoku cloud, approaching the next key pivot level of 0.70.
Coming up on the economic calendar…
First up, we have China’s Consumer Price Index (OCT) during the Asian session, expected to tick higher to 1.7% on a YoY basis from the previous reading of 1.6%.
During the London session the Swiss Unemployment Rate (OCT) will be out at 6:45 AM GMT, expected to remain unchanged at 3%.
At 9 AM, ECB Publishes Economic Bulletin.
At 1:30 PM Canada will release their New Housing Price Index (YoY) (SEP), the same time the US weekly jobless claims are out.
At 4:30 SNB’s Jordan Speaks in Frankfurt which could create volatility in the CHF crosses. Last but not least, Mexico’s Overnight Rate will be out at 7 PM GMT.
First off during the Asian session, we have China’s New Yuan Loans (OCT), and RBA’s Statement on Monetary Policy.
Up next is Japan’s Tertiary Industry Index (SEP) at 4:30 AM GMT.
During the London session, the UK will release their Industrial and Manufacturing, Production (SEP) at 9:30 AM GMT. They will also release their Trade Balance (SEP) at the same time, which is expected to tick higher from the previous reading of -£5,626 to -£4,600.
Their Gross Domestic Product Estimate (OCT) is up next at 1 PM GMT.
We are expecting a rather quiet New York session, as the key risk events will be U. of Mich. Sentiment (NOV P) at 3 PM and Baker Hughes U.S. Rig Count at 6 PM GMT to end the trading week.