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The Ethereum price has slumped 2.5% in the last 24 hours to trade at $2678 as of 11 p.m. EST on a 125% pump in trading volume to $32 billion.
This plunge in the ETH price comes after Bybit, a Dubai-based crypto exchange, suffered a massive security breach, with hackers stealing over $1.4 billion in Ethereum in a swift, smash-and-grab-style attack on Friday.
Crypto investigator ZachXBT linked the exploit to the North Korean Lazarus Group, a notorious cybercriminal syndicate responsible for several major crypto heists.
Arkham confirmed that ZachXBT provided “definitive proof,” including test transactions, wallet connections, forensic graphs, and timing analysis. He also identified similarities between this attack and the $30 million Phemex hack in January.
JUST IN: Bybit CEO confirms the crypto exchange has been hacked, $1.4 billion $ETH and $stETH stolen.
This is now the largest crypto exchange hack in history. pic.twitter.com/VCSZaqZ3if
— Jacob King (@JacobKinge) February 21, 2025
Bybit CEO Ben Zhou reassured users that the exchange had recovered nearly 80% of the stolen funds through bridge loans, ensuring all withdrawal requests were honored.
Bybit has reported the breach to authorities and is working with on-chain analytics providers to track the stolen assets and prevent further unauthorized transactions.
Ethereum Price Eyes Bullish Reversal After Breaking Bearish Channel
The ETH/USD daily chart shows a maturing market structure, with signs of a potential bullish reversal after a prolonged downtrend. ETH is trading at $2,678, reflecting a 0.58% gain. The daily open was $2,663.38, with a high of $2,689 and a low of $2,655. While the price remains within a consolidation phase, key technical indicators suggest that ETH may be gearing up for a trend shift.
A major support zone between $2,227 and $2,400 has proven to be a strong demand area, with ETH bouncing off this level multiple times in the past. This support acted as a launchpad for a significant rally in late 2024, propelling ETH above $3,500 before encountering selling pressure. The price action suggests that buyers are stepping in around this zone to absorb selling pressure, preventing ETH from dropping further.
ETHUSD Analysis Source: Tradingview
The chart also shows a well-defined bearish channel that dominated ETH’s price action from mid-December 2024 to February 2025. Multiple sell signals (B – Bearish indications) were triggered during this phase, leading to a steady decline in price.
However, ETH has now broken out of this downward structure, signaling a potential shift in market sentiment. A breakout from a bearish channel often leads to a trend reversal or at least a relief rally, making the current phase critical for ETH’s next move.
Ethereum Struggles at Key Levels as Bulls Eye $3,248 Breakout
From a momentum perspective, the Relative Strength Index (RSI) is currently at 41.40, slightly below the neutral 50 level.
This suggests that the market is still in a consolidation phase, but the RSI is showing signs of recovery from oversold conditions. If the RSI crosses above 50, it would confirm a strengthening bullish momentum, potentially attracting more buyers.
ETH faces a key resistance level at $3,248, which could act as the next major target if the price successfully breaks above $2,800. This would confirm the bullish breakout and open the door for further upside movement.
However, a failure to hold above $2,400 could invalidate the bullish scenario, leading to another retest of the $2,227 support level. A breakdown below this zone could result in further selling pressure, possibly dragging ETH toward $2,000 or lower.
Ethereum is at a critical juncture, with $2,400 serving as a must-hold support level and $2,800 acting as a key breakout point. If the price maintains its current structure and builds upward momentum, a move toward $3,248 is likely.
However, if selling pressure increases and ETH fails to hold support, it could trigger a deeper retracement.
BTC Bull Token Presale Races Past $2.5 Million – Best Crypto To Buy Now?
Meanwhile, as the Ethereum price gears up for a bullish reversal, investors are flocking to BTC Bull Token (BTCBULL), a new Bitcoin-themed meme coin attracting attention with its unique Bitcoin giveaway model.
BTC Bull Token has already raised over $2.5 million as investors flock to a project that will reward holders with real Bitcoin. It will airdrop Bitcoin when its price hits key levels, starting at $150,000 and for every $50,000 increase after that.
In addition, every $25,000 rise in the Bitcoin price will trigger a BTCBULL token burn, reducing supply and putting upward pressure on price. The first burn will be executed when the price hits $125,000.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
A big airdrop event is also planned when the Bitcoin price reaches $250,000, with rewards based on how much each participant bought during the Community Sale.
Besides airdrops, BTCBULL holders can also earn passive income through staking, with a huge 171% annual return.
The 99Bitcoins YouTube channel, with over 725k subscribers, believes BTCBULL could increase 10X after launch.
Right now, investors can buy BTCBULL tokens for $0.002375 using BNB, ETH, USDT, or a bank card on the official BTC Bull website.
Interested investors should buy before a price hike in about 1 day.
Buy BTC BULL Token here.
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