Ethereum (ETH) has experienced a significant price drop, falling below $2500, which represents an 11.54% decline over the past 24 hours. This occurs amidst global crypto market weakness and the recent Bybit hack.
Current Market Situation
The recent Bybit hack resulted in approximately $1.4 billion worth of Ethereum being stolen. Bybit CEO Ben Zhou confirmed that the firm has closed the deficit and verified the Ethereum assets as fully backed by securing 447,000 Ether through emergency funding.
Technical Levels and Forecasts
Ethereum's current price is around the $2500 mark. Analysts identify the $2450 threshold as crucial for short-term dynamics. A break below this level will lead to the next key support at $2120. A bearish pattern has formed with resistance at $2600, which remains significant for ETH.
Long-Term Prospects and Accumulations
Despite current market declines, Ethereum's long-term outlook remains positive. ETH is only 18% above its 200-week EMA, a historically strong support indicator. Data shows active ETH accumulation by investors at key levels.
While Ethereum faces short-term market challenges, long-term indicators show signs of a healthy risk-reward ratio and active investor accumulation, which could be a foundation for future growth.
