- The Bybit hack has caused Ethereum price to drop and now trading around the $2.7K range.
- ETH’s daily trading volume has surged by over 103%.
- The market has witnessed $120.44 million worth of Ethereum liquidations.
The Bybit hack, now the largest crypto breach in history, has sent shockwaves through the market. As the stolen ETH’s are moved and liquidated, Ethereum’s price has tumbled by more than 3.30%, raising concerns about further volatility.
The hacker drained roughly 401,000 ETH worth $1.4 billion from Bybit’s cold wallets. North Korea’s Lazarus Group are speculated behind the hack, as per crypto investigator ZachXBT. It has emerged like a bitter pill to swallow for ETH while it has been battling to regain the uptrend.
The altcoin has failed to gain traction, leaving ETH stuck in a consolidation phase for the last few weeks. In the early hours, the altcoin has broken the $2,819 and $2,832 resistance, hitting a high of $2,842. Once the bearish shift unfolds, ETH has retested the $2,616.
As of this writing, the altcoin traded at $2,708 with its daily trading volume reaching $33.02 billion. Notably, the market has observed a liquidation of $120.44 million worth of Ethereum.
The on-chain data reveals that a whale has moved 20,000 ETH worth $53.7 million to Bybit’s cold wallet. Additionally, a 36,000 ETH valued at around $96.5 million was transferred from Binance’s hot wallet to Bybit’s cold wallet.
Will Ethereum Rally or Pull Back?
The ETH/USDT trading pair appears to be weak after the liquidations following the Bybit hack. If it continues, Ethereum could test the immediate support at the $2,580 range. Assuming the bulls failed to defend this level, the decline might continue to $2,410 or even lower.
Contrarily, after the recovery of Bybit hack, the emergence of the buying pressure could test the crucial resistance at $2,763. If demand of Ethereum strengthens at this point, the bulls could push the price to rally above the $3K threshold.
The Moving Average Convergence Divergence line is stationed below the signal line infers the weakening momentum. If the MACD continues to move downward, it could signal further downside. A rebound may resume the uptrend.
Besides, the Chaikin Money Flow (CMF) indicator, which assesses capital flow, is settled at -0.05 signaling mild selling pressure and money is flowing. Meanwhile, the daily trading volume of Ethereum has surged by over 103%.
The Bull Bear Power (BBP) value at -21.73 indicates that bears have stronger control over the market. Moreover, the daily relative strength index (RSI) resting at 50.06 highlights Ethereum is neither bullish nor bearish, in a consolidation phase.
