- Bybit hackers disposed of Ethereum to get Solana within a few hours of the hack.
- An expected sell-off in ETH caused a 4% fall in its price.
- Ethereum is already experiencing FUD around it.
- However, long-term charts indicate a new ATH by 1 April 2025.
Ethereum which was already in a FUD zone crashed 4% as Bybit hackers disposed of ETH for SOL. Investigations by ZachXBT showed that around 39 wallet addresses received the hacked Bybit funds.
We expect slight turbulence in Ethereum as a result of Bybit hacker’s expected sell-off, but mostly the price of Ethereum is safe and continues in a long-term trend. However, the crypto is still in a trend to achieve $4800 by 1 April 2025.
Ethereum Crashes Around 4%
The Bybit hackers quickly began disposing of their Ethereum after the hack and were spotted by crypto investigator ZachXBT. Around 39 addresses have been reported by ZachXBT which have received the proceeds of the hack.
As a result, the markets expected a sell-off and users began selling ETH in fear of a crash.
Ethereum was already in a tight spot due to the ongoing FUD in its price. Despite seeing a rise in fee revenue, ETH has been in a bearish mode.
However, despite the hack and the resulting FUD of another crash, at press time, Ethereum is still intact (at $2668) in its uptrend. The base or the support of this uptrend is at $2600.
New ATH by 1 April 2025
The above monthly chart shows that Ethereum could show a price of $4800 by 1 April 2025. This price prediction is based on the expectations that Ethereum could continue in the current uptrend which it has been moving since mid-2022.
However, momentum indicators show otherwise. Ethereum’s monthly chart RSI is at 50 and has a slight downtrend while its MACD shows a negative crossover on the same charts. In the future, if ETH fails to ride along this channel trend, it may fall to the $2000 level, which is its next support after $2600.
Will Fundamentals Let Ethereum Fall?
Ethereum’s fundamentals are unlikely to let Ethereum fall to $2000. This is because despite all the FUD around it, Ethereum is still the central blockchain and EVM network that supports over 50 layer-2 and EVM-dependent blockchains (like BNB).
Further, Ethereum is the core of the DeFi world. It hosts the largest TVL($58 billion), and the largest on-chain stablecoin reserves ($120 billion).
Recently, Ethereum has also been in talks to hire someone that better connects with the Web3 world.
