Following the Bybit hack, the largest crypto incident in history, the market witnessed significant Ethereum price volatility. ETH's price fell over 3.30%, with trading volumes sharply increasing.
Impact of the Bybit Hack
North Korea’s Lazarus Group is suspected of stealing 401,000 ETH worth $1.4 billion from Bybit's cold wallets. This caused a significant drop in Ethereum's price, leaving it in a consolidation phase without recovering the uptrend.
Ethereum Price Dynamics
Ethereum's price briefly hit $2,842 before dropping to retest $2,616. Currently, ETH is traded at $2,708 with a daily trading volume of $33.02 billion. Liquidations of $120.44 million in Ethereum have been recorded.
Potential Scenarios for Ethereum
The ETH/USDT trading pair looks weak after the liquidations. If selling pressure continues, Ethereum may test support at $2,580. If bulls fail to defend this level, a decline to $2,410 or lower may follow.
The future of Ethereum remains uncertain: further declines are possible, but a recovery post-Bybit hack may trigger a rally if buying pressure increases.
