Ah, Ether, the second-largest cryptocurrency, finds itself in a bit of a pickle—specifically, a $3,000 pickle. It needs to break through this psychological barrier to reverse its two-month downtrend, which, let’s be honest, is about as appealing as a Vogon poetry recital. This predicament is now entirely dependent on investor sentiment, which is currently fluctuating like a hyperactive Zaphod Beeblebrox after too much Pan Galactic Gargle Blaster, following the largest financial hack in crypto history. 🥴
Once upon a time, on December 16, 2024, Ether peaked above $4,100, basking in the glory of its highest level since December 2021. But alas, that was then, and this is now—now being a time of despair and downtrends, according to the ever-reliable TradingView data.
In a twist of fate that could only be described as a cosmic joke, Ether managed to rise over 5.38% in the two days following February 21, when the Bybit exchange was hacked for a staggering $1.4 billion worth of liquid-staked Ether (STETH) and other digital assets. Yes, folks, this was the largest crypto theft in history, and it’s not even the season finale! 🎭
Part of Ether’s newfound optimism can be attributed to Bybit’s frantic buying spree, where they purchased over 106,498 Ether (ETH) worth $295 million in over-the-counter (OTC) trades since the hack. It’s like watching a cat trying to catch a laser pointer—entertaining, but ultimately futile. This buying frenzy helped them regain nearly 50% of their pre-hack Ether supply.
Now, let’s talk about the Lazarus Group, the North Korean state-affiliated cybercriminals who are the prime suspects behind this $1.4 billion heist. It seems they might not be in a hurry to sell the stolen Ether, which is a relief, considering they could probably fund a small intergalactic war with it.
According to Arkham Intelligence data, Lazarus Group’s main wallet currently holds over $83 million worth of crypto, including a modest $3.68 million in Ether. This is just a drop in the ocean compared to the estimated $1.34 billion worth of crypto they pilfered last year, which accounted for a whopping 61% of all crypto stolen in 2024. Talk about a lucrative hobby! 💸
Ether needs a “decisive move” above $3,000
To stage a comeback from its over two-month downtrend, Ether will need to recapture the elusive $3,000 psychological mark, according to Vugar Usi Zade, chief operating officer at Bitget exchange. He told CryptoMoon:
“While a definitive breakout remains elusive, a decisive move above the $2,700-$3,000 resistance zone could pave the way for further gains, especially if institutional interest and ecosystem advancements continue to strengthen.”
Despite the short-term volatility that could make even the most seasoned trader dizzy, Ether’s fundamental value proposition remains “exceptionally strong,” according to Marcin Kazmierczak, co-founder and chief operating officer of Redstone blockchain oracle solutions firm. He told CryptoMoon:
“Fundamentals will eventually catch up to Ethereum, and I still firmly believe that. While the market remains focused on short-term plays and, in some cases, questionable activities, the influx of institutional participants makes the long-term trajectory clear.”
Decreasing Ether supply on crypto exchanges is also a glimmer of hope for Ether’s price, added Kazmierczak. Ether reserves across all exchanges fell to 18.95 million on February 18, marking their lowest level since July 2016 when Ether was trading around $14. Ah, the good old days!
However, Ether still faces significant resistance above $2,900 and $3,000, like a stubborn door that refuses to budge.
Read More
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- ASTR PREDICTION. ASTR cryptocurrency
- YFI PREDICTION. YFI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- POL PREDICTION. POL cryptocurrency
- South of Midnight PC Requirements Revealed
- COW PREDICTION. COW cryptocurrency
2025-02-23 16:59