CoinPhoton
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Can Ethereum Still Rally 60% This Cycle Despite the Bybit Hack?
After weeks of sluggish price action, Ethereum seemed poised for a strong breakout. However, this momentum was abruptly halted when approximately $1.5 billion worth of ETH was drained from Bybit, sending shockwaves through the market.
Ethereum, which had been trading as high as $2,840 on February 21, quickly plunged to around $2,600 following the news. Despite this setback, fresh on-chain data suggests that ETH could still reach $4,000 before the current market cycle ends.
Crypto analyst Crypto Sunmoon identified a notable bullish divergence in Ethereum’s taker buy/sell ratio, a key metric that tracks buyer and seller demand across exchanges. When this ratio is greater than one, it indicates that buyers are willing to pay more for ETH, signaling strong demand.
According to the analyst, this divergence suggests that a new uptrend could be forming, similar to a previous cycle where ETH surged nearly 60% from below $2,500 to over $4,000. If history repeats itself, Ethereum could reclaim $3,000 in the short term and potentially push toward $4,000 before this cycle concludes.
After weeks of sluggish price action, Ethereum seemed poised for a strong breakout. However, this momentum was abruptly halted when approximately $1.5 billion worth of ETH was drained from Bybit, sending shockwaves through the market.
Ethereum, which had been trading as high as $2,840 on February 21, quickly plunged to around $2,600 following the news. Despite this setback, fresh on-chain data suggests that ETH could still reach $4,000 before the current market cycle ends.
Crypto analyst Crypto Sunmoon identified a notable bullish divergence in Ethereum’s taker buy/sell ratio, a key metric that tracks buyer and seller demand across exchanges. When this ratio is greater than one, it indicates that buyers are willing to pay more for ETH, signaling strong demand.
According to the analyst, this divergence suggests that a new uptrend could be forming, similar to a previous cycle where ETH surged nearly 60% from below $2,500 to over $4,000. If history repeats itself, Ethereum could reclaim $3,000 in the short term and potentially push toward $4,000 before this cycle concludes.
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