Will Ethereum Recover? How the Hack Impacts ETH’s Future
Ethereum’s price took a major hit following a high-profile hack, with Bitget stepping in to stabilize withdrawals by transferring 40,000 ETH ($106 million) to Bybit. However, rather than restoring confidence, this move led to further price drops, leaving traders wondering, “Will ETH continue falling, or is a rebound coming?”
Ethereum Price Today: What’s Causing the Crash?
Bybit Hack: $1.5 Billion in ETH Stolen
Bybit confirmed a massive security breach, where hackers drained 70% of its Ethereum holdings—totaling $1.5 billion. The exploit targeted Bybit’s multisig cold wallet through a UI vulnerability, allowing attackers to seize control of funds. This news sent shockwaves through the market, triggering heightened sell-offs and increased volatility.
Why is Ethereum’s Price Dropping?
The breach has raised concerns about centralized exchange security, prompting investors to move their ETH to self-custody wallets or decentralized exchanges (DEXs). This shift is contributing to liquidity issues for major trading platforms, intensifying fears of further price declines. The key question remains: Will ETH recover, or will selling pressure push prices lower?
North Korea’s Alleged Involvement in the Hack
Reports indicate that North Korea’s Lazarus Group orchestrated8 the attack, further complicating the situation. With North Korea reportedly holding a $1.5 billion strategic Ethereum reserve, speculation is growing about how this might influence ETH’s price trajectory.
Ethereum Live Price & Market Trends
- Current Ethereum Price: ~$2,669.75
- 24-Hour Price Drop: -2.75%
- 24-Hour Trading Volume: $32.79 billion (+127.62%)
This surge in trading volume reflects increased activity from both panic sellers and dip buyers, with the market’s next major move uncertain.
Ethereum Price Forecast: What’s Next?
Bullish Outlook: Potential for Recovery
- If ETH reclaims the $4,000 level, it could trigger a rally.
- Ethereum price target: $5,500 – $6,000 in the next 5-7 months.
Neutral Outlook: Sideways Movement
- ETH could consolidate around $3,200 as the market digests recent events.
Final Thoughts: Crisis or Buying Opportunity?
For experienced traders, the recent ETH price drop could present a strategic entry point. However, continued sell-offs from the hackers could trigger further declines. The coming days will be crucial in determining whether Ethereum rebounds or faces deeper losses. Will ETH rally or sink further? Stay tuned for updates.
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