Ethereum Price Faces Potential Support at $2.6K or Resistance at $2.8K

Ethereum opened the last week of February with a bearish outlook, following a 5% gain the previous week. Key points include:

• Current price around $2,725, down over 3% on Monday.
• Fully diluted valuation approximately $329 billion, with a 24-hour trading volume exceeding $25 billion.
• Price correction since December 2024 characterized by lower highs and lows; potential bearish flag formation noted.
• Technical analysis suggests a retest of support around $2,560 is likely.
• If support between $2,560 and $2,600 is breached, price may drop to $2,200.
• A bullish scenario exists if Ether closes above $2,800, targeting $3,300 next.

In other news, the Bybit exchange experienced a hack, losing over $1.4 billion in Ethereum. Highlights include:

• The hacker, linked to the Lazarus Group, swapped over $100 million worth of stolen Ether for Bitcoin.
• Bybit managed to freeze $42 million of the stolen assets.
• Over the weekend, Bybit purchased 266,694 Ether valued at about $742 million.
• US spot Ether ETFs faced a net cash outflow of $26 million due to low institutional demand.

Looking at the broader landscape, Ethereum maintains its position as a leader in Web3 adoption:

• Total value locked (TVL) in the Ethereum network exceeds $58 billion.
• TVL increased from 13.46 million to approximately 21.6 million ETH in the past year.
• Over 33.5 million Ether staked by more than 100,000 validators, primarily through Lido DAO.
• Institutional adoption of Ether could drive long-term growth due to supply-demand imbalances.