Ethereum's price has stabilized amid a hacking incident linked to the Lazarus Group involving $1.4 billion.
Current Ethereum Price Situation
Ethereum traded at $2,795 on Sunday, slightly above Friday’s low of $2,665. However, the price is still about 32% below last December's peak.
Ethereum Balances on Bybit
Data from Coinglass shows Ethereum balances on Bybit have started rising again after the crash on Friday due to the hack. Balances climbed to 200,000 coins, equivalent to $558 million, from Friday's low of 61,000.
Technical Analysis and Predictions
The daily chart suggests Ethereum might be vulnerable to a bigger dive in the near term, as it has formed a 'death cross' pattern—one of the most bearish formations in technical analysis. Additionally, a 'bear flag' has formed, which may signal a continuation of the downward trend. The next support level is at $2,155, which is 23% below the current price.
While Ethereum's price has stabilized after the hack, forecasts remain uncertain due to the potential impact of technical analysis on future price trends.
