$ETH
As of February 23, 2025, Ethereum (ETH) is trading at approximately $2,778.68 USD.
In recent developments, Dubai-based cryptocurrency exchange Bybit experienced a significant security breach, resulting in the theft of approximately $1.5 billion worth of Ethereum. The incident involved the manipulation of a transaction interface during a routine transfer from a cold wallet to a warm wallet, allowing the hacker to gain control and move around 401,000 ETH to an unknown address. Despite the breach, Bybit's CEO, Ben Zhou, assured clients that all assets remain fully backed and unaffected wallets and withdrawals are operational. The exchange is collaborating with blockchain forensic experts to trace and recover the stolen funds.
Market analysts have observed that Ethereum's Relative Strength Index (RSI) indicates neutral to oversold conditions, suggesting potential buying pressure. Historically, similar RSI levels have preceded price rebounds, indicating reduced selling pressure after major outflows.
Additionally, the Ethereum Foundation has deployed 45,000 ETH (approximately $120 million) to decentralized finance (DeFi) protocols such as Aave, Spark, and Compound. This move has been positively received by the community, reflecting confidence in DeFi platforms and potentially influencing Ethereum's market dynamics.
These events underscore the dynamic nature of the Ethereum ecosystem, highlighting both the challenges in security and the ongoing developments within the DeFi space.
