Ethereum Forecast:
#ETH falls after the $1.4 billion hack on Bybit.
Ethereum price today: $2,640
Ethereum experienced a significant pullback at $2,850 following the Bybit hack that involved $1.44 billion in stolen ETH.
The CEO of Bybit stated that the platform has already secured bridge loans to match the increased withdrawals post-hack.
The technical indicators RSI and MACD need to cross above their neutral levels to pull ETH out of its range-bound movement.
Ethereum (ETH) saw a rejection at $2,850 on Friday after the cryptocurrency platform Bybit announced that an attacker hacked one of its wallets, stealing around $1.44 billion in ETH-based assets.
While members of the crypto community anticipated that Bybit would boost ETH demand by purchasing a large supply from the market to settle withdrawals, CEO Ben Zhou stated that the platform would instead utilize bridge loans.