🚨 Can Ethereum (ETH) Reclaim $3K After Bybit’s $1.4B Hack? 💥
Ethereum is battling to recover above $3,000 as it faces strong resistance and lingering market uncertainty following Bybit’s massive $1.4 billion hack – the largest financial exploit in crypto history.
📊 Current Market Overview
🔹 ETH Price: ~$2,750 - $2,900 (fluctuating near key resistance)
🔹 24H Trading Volume: ~$18.5 billion
🔹 Market Cap: ~$330 billion
🔹 Ethereum Dominance: ~18.2%
🔹 Exchange Reserves: At a 7-year low (18.95M ETH), signaling potential supply squeeze
🕵️♂️ Bybit Hack & Market Impact
The North Korean Lazarus Group is suspected of executing the $1.4B exploit, stealing liquid-staked Ether (stETH) and other digital assets. However, reports indicate they have yet to dump the stolen funds, sparking debate on potential market impact.
Interestingly, Bybit has repurchased over 106,498 ETH ($295M) via OTC trades to replenish reserves – helping Ether regain 50% of its pre-hack supply. This unexpected demand may be partially offsetting bearish pressure.
🔎 Key Resistance & Market Sentiment
Experts suggest Ethereum needs a "decisive move" above $3,000 to confirm a trend reversal:
📌 Resistance Levels: $2,900 - $3,000
📌 Support Levels: $2,700 - $2,750
📌 Institutional Interest: Still growing, boosting long-term confidence
📈 Can ETH Break Above $3K?
Despite short-term volatility, Ethereum’s fundamentals remain strong, with declining exchange reserves signaling potential upward pressure. However, macroeconomic trends and security risks could delay recovery.
📢 What do you think? Will Ethereum break past $3K or face another rejection? Drop your thoughts below! 👇🔥
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