Ethereum News: Analysts Predict Ethereum Could Reach $7,000 Amid Accumulation Phase

Ethereum is currently in an accumulation phase, and analysts are predicting that the cryptocurrency could hit a significant milestone in the coming weeks. Here’s what you need to know.

ETH Accumulation Phase: Will Ethereum Price Hit $7,000?

Analysts believe Ethereum could reach $7,000 in the coming weeks amid the current market outlook. The price movements of Ethereum during past accumulation phases are identical to upcoming major breakouts. The analyst’s chart confirms Ethereum’s pattern of accumulation within a formed price channel. The recent months reveal a horizontal area which functions as ongoing support for the market. The current market accumulation resembles similar periods in 2020 and 2021 before Ethereum’s rapid price increase. A descending trendline exists in the chart and a breakout above this resistance level indicates the start of an intense upward trend.

Infini Founder Offers Bounty and Immunity to Hacker for Stolen Funds Return

Christian Li, the founder of the stablecoin digital bank Infini, has reaffirmed a 20% bounty and legal immunity to the hacker who stole $49.5 million from Infini’s wallets. Li transferred 0.1 ETH to the hacker’s address and left a message proposing a white-hat agreement, offering the hacker 20% of the stolen assets as a bounty and assuring them that no legal action would be taken if they return the funds. This is the second message Infini sent the hacker in a blockchain transaction.

Diffuse CEO Talks About Collaborating with Symbiotic for DeFi Security & Yield Generation

Making money online has evolved, but in Web2, users often feel like they work for platforms rather than for themselves. Passive income opportunities in Web2 are limited, with platforms taking significant cuts. In Web3, staking and restaking have taken passive income to another level, allowing users to earn yield on their digital assets. However, decentralized finance (DeFi) is still evolving, with most opportunities centered around Ethereum (ETH) and its derivatives. Vadim Makovsky, founder and CEO of Diffuse, believes it’s time for a shift towards broader DeFi adoption and collateral abstraction.

Safe Wallet Implements Security Improvements After Bybit Hack

Following a cyberattack on Dubai-based exchange Bybit, SAFE Wallet traced the security loophole to its Wallet UI and implemented immediate security improvements. North Korea’s Lazarus group stole over $1.4 billion in Ether (ETH) by exploiting vulnerabilities and injecting hostile JavaScript code specifically targeting Bybit. To prevent further attacks, Safe placed its Wallet in lockdown mode and announced a phased rollout and reconfigured infrastructure.