Ethereum price is going to explode! After Bybit released its big move, will it go to 2.2K or 3.3K USD next? 😱🚀

Last weekend, Bybit exchange bought more than 100,000 Ethereum, but the supply of Ethereum on centralized exchanges has increased in recent days, perhaps because they are afraid of another collapse. Last week, the price of Ethereum rose by more than 5%, but the opening of the last week of February was a bit cold. On Monday, the European trading price fell by more than 3% to $2,725, with a fully diluted valuation of about $329 billion and a 24-hour trading volume of more than $25 billion.

Since the beginning of December last year, the price of Ethereum has been adjusting every week, with relatively low lows and low highs. Looking at the daily chart, the price hit a wall at $2,844 and drew a bearish flag. Technical analysis says that it may fall to the key support level of $2,560 next. Bitcoin has also been hovering above $95,500 in the past three weeks.

If Ethereum falls below the $2560-2600 range, $2200 will not be able to escape, and the price will be sideways between $2200-4000, paving the way for the next big breakthrough. But if it can stand firm at the $2800 resistance level, the short-term bearish trend will be over, and the next step will go straight to $3300, which is in line with the daily 2.618 Fibonacci extension line.

Bybit was hacked and collapsed, and the whale mentality exploded🐳💥

Bybit was messed up by hackers from the suspected government-backed Lazarus Group, losing more than $1.4 billion in Ethereum. Hackers exchanged more than $100 million in Ethereum for Bitcoin. Bybit said today that it has frozen $42 million in stolen assets last week, and also bought 266,694 Ethereum, about $742 million. However, the US current currency ETF had a net interruption of $26 million last week, and institutional demand was a bit weak.

The overall situation is still bullish! 🌟

Although Ethereum is sideways in the short term, it is still the leader in Web3 and the popularization of digital assets. The total locked value of the network exceeds 58 billion US dollars, and the market value of stablecoins exceeds 122 billion US dollars. According to defillama, the TVL increased from 13.46 million ETH to 21.6 million ETH in one year, and more than 33.5 million ETH was pledged by more than 100,000 validators. With institutional accounts, the imbalance between supply and demand will push up long-term bullish sentiment!