Ethereum’s price was stable after the Lazarus Group $1.4 billion attack.
EthereumETHOn Sunday, the price of, which was just a few cents above Friday’s lowest level, $2,665, traded at $2 795. The price is still 32% lower than the peak reached in December of last year.
Coinglass shows that Ethereum on Bybit has started to rise after it crashed on Friday due to the hack. From a low of only 61,000 last Friday, the balances on Bybit have now risen above 200,000.
Bybit’s Ethereum balances could be due to two different reasons. Bybit may be actively purchasing ETH on the market to increase its user’s confidence.
The second reason is that the rise in ETH transfers shows that the confidence of customers has increased. Bybit maintains that it will continue to operate. cover 100% The stolen Ethereum coins. Bybit also announced a $140million search to find the stolen funds. This could result in a part of those funds being returned.
This is happening in the aftermath of North Korea. Lazarus Group Bybit cold wallets were allegedly accessed and ETH tokens totaling $1.4billion worth of ETH was reportedly stolen. This hack, in addition to being so large, raised questions about the security of cryptocurrency assets held by exchanges on cold wallets.
Ethereum’s price could be in for a larger drop
Ethereum’s daily chart suggests that it may face a greater drop in the short term. The 200-day moving average and the 50-day moving average have already crossed. The chart pattern is among the most bearish in technical analyses.
Ethereum’s price also has a chart bearish flag pattern. This is a common continuation signal. This pattern is constructed of both a vertical and a consolidating line. The consolidation pattern is similar to a rising-wedge pattern.
The ETH token is therefore likely to have a downward breakdown. Its next reference level will be at $2.155. This level represents the year’s lowest level, or about 23 percent below its current value.
This bullish view will no longer be valid if coin price jumps higher than the 200-day WMA at $3.085.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
