Ethereum (ETH) is down 15% in the past 30 days.
Vitalik’s “X hack” raises security concerns; stolen funds exceeded $100,000.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has faced intense bearish pressure over the past three months, resulting in a consistent downward trajectory. This decline has pushed Ethereum’s price to its lowest point in five months, with the recent month being particularly harsh, witnessing a 15% drop that brought the price down to $1,533.
Also, Ethereum’s number of profitable addresses (7-day MA) hit a 5-month low, standing at $56 million, as reported by Glassnode, a prominent cryptocurrency data aggregator.
Moreover, the community was shaken by a recent security breach involving Vitalik Buterin, the co-founder of Ethereum. His X (formerly Twitter) account was hacked, with the attacker posing as a promoter of an NFT collection linked to ConsenSys, and sharing a phishing link in a tweet.
The financial implications of this breach were significant, with the hacker reportedly stealing over $100,000 worth of assets. The hacker’s wallet held a balance of nearly $397,138 at the time of discovery, with most stolen assets being ETH. Other tokens, including ATOR, wrapped ETH (wETH), USD Coin (USDC), and Binance Coin (BNB).
ETH’s daily trading volume has surged by 95% in the last 24 hours, reaching $9 billion. In a recent whale activity, 21,938 ETH — currently equivalent to $34,777,338 — was transferred from an unknown wallet to Coinbase.
How Long Will ETH Bears Reign?
An analysis of Ethereum’s recent price movements indicates a prevailing bearish sentiment on the daily chart. The 50-day exponential moving average (EMA) currently stands at $1,714, above the trading price, highlighting the ongoing bearish sentiment. The daily relative strength index (RSI) sits at 34, suggesting that the asset is approaching oversold territory.
ETH/USDT Daily Price Chart — MA, RSI (Source: TradingView)
This implies that bears are actively selling near the $1,650 mark. However, this narrow-range trading is unlikely to persist for an extended period. If the price continues to drop and remains below $1,600, it would signal that bears have taken control. While there is some minor support at $1,550, a breach of this level could lead the ETH/USDT pair to plummet to $1,368.