#BybitSecurityBreach $ETH

Bybit Hack and Its Impact on Ethereum.

The Bybit hack has caused a significant uproar in the cryptocurrency market, with a considerable amount of stolen funds severely affecting the price of Ethereum (ETH).

• The hack occurred at Bybit, resulting in the theft of over 1.46 billion dollars in Ethereum from its hot wallets, marking one of the largest security breaches in the history of cryptocurrencies.

• CEO Ben Zhou reported that the hackers manipulated the security system, allowing them to access the funds.

• As the stolen assets were being liquidated, the price of ETH fell by approximately 5%.

• There is speculation about Bybit's next steps, including the possibility of buybacks to compensate users and create buying pressure.

• A Bybit cold wallet transferred over 500 million dollars to another wallet, suggesting that the exchange may be preparing to return funds to its users.

• Technical indicators for Ethereum, such as the Relative Strength Index (RSI) and the Directional Movement Index (DMI), show a weakening market sentiment, with a greater influx of selling pressure.

Conclusion

The current market situation for Ethereum is uncertain. If user confidence weakens or if liquidations continue, ETH could fall towards 2,551 dollars. However, if Bybit manages to recover the funds or if significant buying pressure arises, the price could increase and test higher resistance levels.