Ethereum News: Price Struggles to Break Resistance, Bears Maintain Control

Ethereum Price Recovery Capped; Bulls Struggle Near Resistance

Ethereum price failed to clear the $2,000 resistance and is now consolidating NEAR the $1,920 level. The cryptocurrency started a fresh decline below the $2,000 support and is currently trading below $1,950 and the 100-hourly Simple Moving Average. A short-term bearish trend line is forming with resistance at $1,890 on the hourly chart. The pair must clear the $1,890 and $1,950 resistance levels to start a decent increase.

Ethereum Drops Below Realized Price After 2 Years

Ethereum [ETH] has experienced strong downward pressure, dropping to $1754 in October 2023. Since then, it has made a moderate recovery to $1876, marking a 29.01% decline over the past month. This decline has caused ETH to drop below its realized price for the first time in two years, suggesting average investors are holding ETH on unrealized loss. The drop risks capitulation as long-term holders may start to panic sell fearing further decline.

Whale Manipulates HYPE’s Liquidation System, Causes $4M Loss

A whale trader (0xf3f4) engaged in high-stakes Leveraged trading on Hyperliquid, a decentralized perpetual exchange. The trader deposited $15.23 million USDC and built a massive 175,000 ETH long position, valued at approximately $340 million. This position had an average entry price of $1,884.4 per ETH, with a liquidation price of $1,839, making it highly susceptible to price fluctuations. Following the forced liquidation of this position, Hyperliquid’s HLP Vault suffered a $4 million loss. Subsequently, eight large wallets withdrew $14.35 million USDC from Hyperliquid.

EU Investigates OKX for Role in Lazarus’ $1.5 Billion Bybit Hack

On March 6, financial watchdogs from all 27 EU member states met under the European Securities and Markets Authority (ESMA) to discuss whether OKX’s Web3 service falls under the Markets in Crypto-Assets (MiCA) framework. If regulators determine that it does, OKX could face severe penalties under European law. Officials say hackers connected to North Korea’s Lazarus Group funneled stolen funds through OKX’s self-custodial wallet and decentralized trading service. The Bybit hack was the largest in crypto history, involving the theft of mainly Ether. Just last month, OKX pleaded guilty to operating without a US license, processing over $1 trillion in unauthorized transactions, and agreed to pay $504 million in penalties.