Ethereum At The Center Of A Hacker Attack. What will be the consequences?

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In the last few hours, Ethereum has been at the center of a hacker attack. As we all know, crypto-hackers look for flaws in systems to be able to steal cryptocurrencies, which are worth a lot today. Indeed, Ethereum suffered an attack on Tuesday, but with poor results. Some nodes have been penetrated but not the entire network.

550 blocks were posted by the offender, according to Ethereum developer Marius Van Der Wijden. He said it with a tweet yesterday. These blocks, however, have invalid proofs of work. The hacker’s goal was to discourage the mining of blocks, as he could create them at will. Some invalid nodes running Nethermind, Ethereum clients have been hacked. Most of the knots were not breached because they recognized the fake proofs of work.

The main Ethereum blockchain has absorbed the sidechain with all the fake blocks. This also fixed these blocks. The developer himself boasts of the diversity of Ethereum’s clients. He claims the network is secure and there should be no immediate attention from the cryptocurrency community. In early September, Ethereum suffered other problems. A bug had knocked out the “Go Ethereum” or “GETH” transaction verification system. A sidechain occurred after 54% suffered the bug. Fortunately, many traders using GETH have upgraded their systems to avoid collapse.

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Possible Bearish Figure for Ethereum

Ethereum’s rally ended in the second week of May, hitting a high of $ 4,380.64. The correction was as violent as the upside, bringing the price to $ 1,727.91. If you look carefully at the graph, you are configuring a technical figure called “wolf ears”. It consists of a fast formation of a maximum, an equally fast correction, an intermediate phase, almost lateral, and then a rise towards another maximum.

The latter does not necessarily have to coincide with the former. Obviously, statistical certainty will come with the break down of the $ 1,727.91 level. The odds of an upside are much higher. In fact, it should break the 21-period average near $ 2,740.93, which also corresponds to the highs of June.

For a look at all of today’s economic events, check out our economic calendar.

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