$ETH Bybit Hack and Its Impact on Ethereum.

The Bybit hack has caused a huge stir 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 over $1.46 billion worth of Ethereum being stolen from its hot wallets, marking one of the largest security breaches in cryptocurrency history.

• 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 to another wallet, suggesting that the exchange could be preparing to return funds to its users.

• Ethereum technical indicators such as the Relative Strength Index (RSI) and Directional Movement Index (DMI) show a weakening in market sentiment, with increased selling pressure entering.

Conclusion

The current situation of the Ethereum market is uncertain. If user sentiment weakens or if liquidations continue, ETH could fall towards $2,551. However, if Bybit manages to recover the funds or if significant buying pressure emerges, the price could rise and test higher resistance levels.