The cryptocurrency exchange Bybit suffered a major hack, with hackers stealing $1.4 billion in Ethereum. This had an immediate effect on Ethereum's price, which fell by 2.5% within the last 24 hours. However, technical analysis suggests an imminent recovery may be on the horizon.
Bybit Hack and Its Consequences
On Friday, the Dubai-based exchange Bybit was hacked in a smash-and-grab-style attack, leading to the theft of over $1.4 billion in Ethereum. Crypto investigator ZachXBT attributed the exploit to North Korean Lazarus Group, notorious for multiple crypto heists. Bybit CEO Ben Zhou assured users that the exchange recovered nearly 80% of the stolen funds through bridge loans to ensure all withdrawal requests were honored. Bybit is working with authorities and on-chain analytics to trace the stolen assets and prevent further unauthorized transactions. According to Arkham, ZachXBT provided definitive evidence linking Lazarus to the attack.
Current Ethereum Price Analysis
Ethereum's price has declined by 2.5% over the past 24 hours and is trading at $2678, with a significantly increased trading volume of $32 billion. Nonetheless, the gradual recovery with the daily open at $2663.38 indicates a potential correction. The support range of $2227-$2400 has sustained Ethereum's price for an extended period, offering a reliable buying zone during past downturns. Historically, this support has triggered significant rallies, boosting the price above $3500.
Key Levels and Ethereum Outlook
Technical indicators are currently showing signs of recovery in ETH's price. The key resistance level is at $3248. A successful breach of this level could confirm a trend reversal. However, if the price drops below $2400, it could negate the bullish scenario. In that case, the next support zone would be at $2227. Any market uncertainty could lead to testing lower levels, possibly down to $2000.
While the current Ethereum market scenario remains uncertain following the Bybit hack, technical indicators suggest a possible correction. Ultimately, Ethereum's ability to hold or breach key levels will determine its future trajectory.
