Following the Bybit hack involving a $1.4 billion Ethereum theft, the exchange purchased ETH worth $100 million, boosting its market price.
Bybit Hack and Ethereum Purchase
The Bybit hack resulted in the theft of $1.4 billion in Ethereum. To stabilize the situation, Bybit acquired 54,393 ETH through Galaxy Digital and FalconX. The funds were purchased for nearly 100 million USDT at an average price of $2,711 per ETH and deposited into the exchange.
ETH Price Movements
Following substantial ETH purchases, the cryptocurrency's price rose. Currently, ETH is trading around $2,780, reflecting a 2.5% increase in the last 24 hours. A 10% increase in trading volume indicates heightened trader interest in the coin.
Technical Analysis and ETH Forecast
According to technical analysis, ETH is consolidating between $2,560 and $2,800 and is poised for a breakout. If ETH surpasses $2,820 and sustains that level, a rise to $3,100 is expected. Meanwhile, ETH remains below the 200 EMA, indicating a continued downtrend.
Despite the hack and associated risks, support from major companies and market purchases have helped ETH exhibit positive growth.
