Ethereum News: Price Drops 8% Amid Bybit Hack, But Experts Remain Optimistic About Long-Term Outlook

Ethereum Price Dumps 8%, Experts Remain Bullish

The Ethereum (ETH) price dropped 8% on Monday due to the aftermath of the near-$1.5 billion Bybit hack. Despite the decline, experts remain optimistic about ETH's long-term outlook. ETH was trading around $2,600, having fallen below its 21DMA at $2,700 after reaching $2,850 on Sunday. The cryptocurrency remains within multi-week ranges and faces sell pressure as it approaches its 200DMA just above $2,900. ETH is down over 35% from its December highs above $4,000 and is in a medium-term downtrend. Bitcoin (BTC) and the broader market also appear to be losing steam.

Key Crypto Events This Week: ETHDenver 2025 Takes the Spotlight

This week is full of important crypto and blockchain events, with ETHDenver 2025 being the highlight. The conference, running from February 23 to March 2, 2025, aims to unite enthusiasts, developers, investors, and business entrepreneurs from around the world. Various events, including side activities, hackathons, workshops, and networking sessions, will be featured. Participants will have the opportunity to explore advancements in decentralized finance (DeFi), artificial intelligence (AI), and blockchain technology.

Ethereum Must Hold Key Level for Altseason Hopes

Crypto market analyst Ali Martinez highlighted that Ethereum (ETH) must hold the $2,600 price level to sustain hopes for an altseason. If ETH falls below this level, the potential altcoin rally could be derailed. Currently, ETH is trading just below $2,700, offering bulls Optimism for a potential breakout above the $3,000 resistance level.

Ethereum Price Sinks 10% – Is This a Buying Opportunity?

Ethereum price failed to clear the $2,850 resistance zone and started a fresh decline. ETH gained pace below the $2,720 and $2,650 support levels, declining over 10% and falling below the $2,550 support zone. A low was formed at $2,458. The price is trading below $2,750 and the 100-hourly Simple Moving Average, with a short-term bearish trend line forming with resistance at $2,600. The pair could start a decent upward move if it settles above $2,600 and $2,650.