Ethereum Price Drops to $2,650 After ByBit Hack
The Ethereum price faced a setback after $1.5 billion worth of ETH was withdrawn from the ByBit exchange, causing a drop from $2,840 to approximately $2,600. Despite this, on-chain data suggests a potential rally towards $4,000 in the current cycle.
Key Points
- Analyst Crypto Sunmoon identified a bullish divergence in Ethereum's taker buy/sell ratio, indicating potential upward momentum.
- A taker buy/sell ratio above one signals stronger buying interest, while below one indicates selling pressure.
- The 100-day exponential moving average of the taker buy/sell ratio has been rising, contrasting with Ethereum's recent decline.
- Historically, similar divergences led to over 60% price increases for Ethereum.
- Current Ethereum price is around $2,650, down nearly 4% in the last 24 hours.
