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Ethereum Suddenly Crashes 20% Amid Chatter Of More ICO Fraud; But Goldman Sees Bitcoin Testing $3000

Two days ago we saw the first ICO fraud exposed (as CoinDash was hacked), and after a big rebound the last two days (as civil war seems to have been peacefully resolved with 80% of hashers reportedly accepting SegWit), Ether is suddenly crashing again as several tweets mention more (and larger) ICO hacks.

Someone stole ~$32M (~153k ether) from three multisig wallets. More info and blog post coming soon.https://t.co/hXYuPto1vI

— Manuel Aráoz (@maraoz)

Positive news on the scaling deadline helped early but then ETH started to tumble...

Amid heavy volume...

 

No clear catalyst but we note several social media accounts pointing to this...

~$32M (~153k ether) stolen from three ICOs today. What is that, like 3% of total ICO money raised? https://t.co/ZWks1G3ANZ

— Tuur Demeester (@TuurDemeester)

Multisig wallets affected by this hack:
- Edgeless Casino (

)
- Swarm City ()
- æternity blockchain ()

— Manuel Aráoz (@maraoz)

Ironically, Goldman is also out wth a new bullish note on Bitcoin...

Bitcoin has reached/so far held notable support at 1,857-1,789. The area includes an ABC equality target off the June high as well as the 100-dma. The 100-dma has been particularly reliable in holding pullbacks since the late-’15 lows. Moreover, due the corrective nature of the pullback, this ABC target seems like a reasonable place to watch for signs of a turn. Additionally, daily momentum is nearing similar levels to where they previously based in March. All in all, the balance of signals appear to be shifting to a more positive tone.

From a wave count perspective, this entire retracement can be viewed as a counter-trend 4th wave in a V-wave advance that started in ’11. From this perspective, it’s either completed a full ABC or only the first A leg of a 3-3-3 type correction. Either way, this 1,856-1,790 area has potential to act as strong support. The first level to note above is gap resistance at 2,159.

Finally, GS says a minimum target for eventuial Vth wave is around $3000...