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Ethereum is trading below the $2,700 mark after days of struggling to reclaim this level and push above $2,800. The market has been dealing with strong selling pressure, and Friday’s shocking news of Bybit’s $1.4 billion ETH hack added more uncertainty. This attack was a major event, marking the largest crypto hack in history, triggering a wave of fear that sent Ethereum into lower demand levels. Investors remain cautious as the market assesses the long-term impact of the breach on sentiment and liquidity.
Despite the initial panic, there are signs of recovery. Key metrics from CryptoQuant reveal that Bybit’s ETH reserves are slowly recovering. The exchange has experienced positive net flows of 139,000 ETH since the hack, suggesting that confidence is gradually returning. This indicates that Bybit has managed to stabilize its platform, alleviating fears of a prolonged crisis.
With Ethereum still trading at critical levels, the market is closely watching whether it can reclaim key resistance zones or face further downside. The next few days will be crucial in determining ETH’s short-term direction as buyers attempt to regain control amid lingering uncertainty from the hack.
Ethereum Price Holding Amid Bybit Hack
Ethereum has been struggling as investors grow tired of the massive selling pressure and ongoing negativity surrounding the second-largest cryptocurrency. Since late December, ETH’s price has been on a downward trajectory, with no clear signs of a sustained recovery. Sentiment remains bearish as Ethereum continues to trade below key resistance levels, failing to gain momentum for a bullish breakout.
Adding to this uncertainty, the Bybit ETH hack on Friday further rattled the market. The attack resulted in over $1.4 billion in ETH being stolen from the exchange, making it the largest crypto hack in history. This event fueled additional selling pressure as panic briefly spread across the market. However, Bybit’s rapid response helped contain the situation and prevent a broader selloff.
Key data shared by CryptoQuant’s Head of Research, Julio Moreno, reveals that Bybit’s ETH reserves are slowly recovering. The exchange has seen positive net flows of 139,000 ETH since the hack, a sign that confidence is gradually returning. This is a positive indicator, suggesting that despite unexpected setbacks, the industry remains resilient.
While Ethereum still faces key resistance levels, the recovery of Bybit’s reserves signals that investors are regaining trust. The next few days will be crucial in determining whether ETH can break out of its bearish trend or continue its struggle.
Technical Analysis: Key Liquidity Levels
Ethereum is trading at $2,750 after days of struggling below the $2,800 resistance level while maintaining support above $2,600. Indecision has dominated price action for over two weeks, leaving investors uncertain about the next move. The prolonged consolidation suggests that ETH is building momentum for a significant breakout in either direction.
If bulls can reclaim the $2,800 level in the coming days, Ethereum could push toward the $3,000 mark, which serves as both a psychological and technical resistance. A breakout above this level would confirm a bullish reversal and set the stage for a massive rally into higher supply zones. On the other hand, failing to reclaim $2,800 and losing the $2,600 support could trigger another round of selling pressure, potentially sending ETH into lower demand levels.
Market sentiment remains divided, with some analysts expecting Ethereum to follow Bitcoin’s lead into new highs, while others anticipate further downside if the overall crypto market weakens. As volatility continues to decrease, traders are watching closely for any signs of an imminent breakout. The next major move will likely determine the short-term direction of Ethereum and set the tone for its performance in the coming weeks.
Featured image from Dall-E, chart from TradingView
