Ah, Ethereum, that fickle mistress of the digital realm, steadfastly clinging to her price as the market grapples with the staggering $1.4 billion heist orchestrated by the notorious Lazarus Group. One cannot help but ponder the absurdity of it all! 🤔
On this fateful Sunday, Ethereum (ETH) finds itself trading at a modest $2,795, a mere whisper above last Friday’s dismal low of $2,665. Alas, it languishes approximately 32% beneath the lofty heights it once reached in the halcyon days of December last year. How the mighty have fallen! 😅
According to the ever-reliable Coinglass, Ethereum balances on Bybit have begun to rise, like a phoenix from the ashes, after plummeting in the wake of the hack. Balances have surged to over 200,000, or $558 million, a remarkable recovery from last Friday’s paltry low of 61,000. Is this a sign of resilience or mere folly? 🤷♂️
Two theories emerge from this curious phenomenon. First, it is plausible that Bybit, in a desperate bid to restore faith among its users, is actively purchasing ETH from the market. Or perhaps, the rising balances signify that customers, emboldened by a flicker of hope, are transferring their ETH back to the exchange, reassured by Bybit’s promise to cover 100% of the stolen coins. A noble endeavor, indeed! 💰
Moreover, Bybit has launched a $140 million initiative to track down the misappropriated funds, a move that may yield some semblance of restitution. Yet, one cannot help but wonder: will the stolen coins ever be seen again? The plot thickens! 🕵️♂️
These events unfold in the shadow of North Korea’s Lazarus Group, who, with audacity befitting a Dostoevskian villain, allegedly infiltrated Bybit’s cold wallets, absconding with ETH tokens worth a staggering $1.4 billion. This audacious act has ignited a firestorm of concern regarding the safety of crypto assets nestled within the cold embrace of exchanges.
Ethereum’s Price: A Descent into the Abyss?
As we gaze upon the daily chart, a foreboding sense of dread envelops us. Ethereum appears poised for a more significant plunge, having formed a death cross pattern—a harbinger of doom in the realm of technical analysis. The 200-day and 50-day weighted moving averages have crossed, signaling a bearish tide. 😱
Furthermore, Ethereum has crafted a bearish flag chart pattern, a notorious sign of continuation. This pattern, a vertical line accompanied by a consolidation, bears an uncanny resemblance to a rising wedge. How poetic! 🎭
Thus, it seems the ETH token is destined for a bearish breakdown, with the next reference level lurking ominously at $2,155, a staggering 23% below its current standing. The bullish outlook, however, shall be rendered null and void should the coin ascend above the 200-day WMA point at $3,085. A precarious balance, indeed! ⚖️
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2025-02-23 18:07