Ethereum Struggles Despite Bybit’s Reserve Recovery
The post Ethereum Struggles Despite Bybit’s Reserve Recovery appeared on BitcoinEthereumNews.com.
Ethereum (ETH) has fallen more than 8% in the last 24 hours and over 22% in the past 30 days, reflecting a bearish market sentiment. The price was already in decline before the Bybit hack, which further impacted market sentiment. Although Bybit has since recovered 84% of its reserves, ETH’s price remains under pressure. With key resistance at $2,850 and no break above $2,900 since February 2, Ethereum’s outlook remains uncertain as bearish indicators continue to dominate. Bybit Is Recovering Its ETH Reserves After the Hack Ethereum’s supply on Bybit experienced a dramatic decline after the hack, plummeting from 443,000 ETH to just 20,250 ETH in a single day. This sudden drop triggered panic selling pressure on ETH and also on BTC and other coins, as market participants feared a potential liquidity crisis. Ethereum Reserves in Bybit. Source: CryptoQuant. The sharp decrease in reserves heightened uncertainty, leading to widespread speculation about the aftermath. Some users suggested that Bybit might be forced to buy back ETH to restore its reserves, potentially creating strong buying pressure. Since February 22, Bybit’s ETH reserves have shown significant recovery, surging from 29,000 ETH to 372,000 ETH by February 24, which accounts for 84% of its pre-hack reserves. The market’s initial panic selling appears to have been temporary, and the rebound in reserves could lead to renewed buying interest in ETH. However, Ethereum’s price has not recovered to levels before the hack yet. Indicators Show No Signs of a Bullish Momentum The Relative Strength Index (RSI) for Ethereum was recovering after the Bybit hack, reaching 63.2 yesterday, indicating strong buying momentum. However, it has since dropped sharply and is now at 43, signaling a significant shift in market sentiment. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0…
Filed under: News - @ February 24, 2025 11:19 pm