Ethereum News: ETH Aims to Break $2,400 for Bullish Momentum

In the ever-volatile world of cryptocurrencies, Ethereum (ETH) has been making headlines with its recent price movements. Here’s a closer look at what analysts are saying about ETH’s future prospects.

Ethereum Needs to Break $2,400 for Bullish Flip

Ethereum (ETH) surged past the $2,000 price level yesterday and has climbed nearly 4.5% over the past week. However, seasoned crypto analyst Ali Martinez emphasized that ETH must clear the $2,400 level to regain bullish momentum and confirm a bullish shift. Multiple crypto analysts believe ETH could be on the verge of a bullish trend reversal despite the current price being about 20% away from $2,400.

Crypto Price Analysis March-21: ETH Price Movement

For the first time in over three weeks, Ethereum closes the past seven days in green with almost a 4% gain. This comes after the price bounced on the key support at $1,800 and briefly revisited $2,000. However, at the time of this post, the price fell under $2,000 as it entered a pullback. While this is normal after its recent bounce, it is critical for buyers to push ETH back above this key level if they hope to reverse the current downtrend. Looking ahead, Ethereum must do its best to avoid lower lows. Hopefully, bulls will manage to consolidate around current levels before attempting a breakout to recover the losses since December 2024.

Ethereum’s Supply Drops to 2015 Lows: Investors Shift Behavior

Ethereum’s supply on centralized exchanges has hit a low not seen since November 2015, with 8.97 million ETH currently available. This decrease of 16.4% over seven weeks suggests a shift in investor behavior, with more ETH being locked for staking and DeFi activities rather than being traded immediately. Santiment data supports this, indicating increased confidence in Ethereum’s long-term potential.

Lazarus Crypto Heist: Bybit CEO Claims Nearly 90% of Stolen Funds Traceable

The Bybit hack on February 21st has been deemed the biggest crypto breach in history, with the exchange losing over $1.4 billion in digital assets, primarily Ether. Authorities revealed that North Korea’s Lazarus Group was responsible for the heist. It was also disclosed that Bybit ignored security flaws months before the incident, allowing the group to compromise the cold wallet. In the latest update, Bybit’s Ben Zhou stated that around 88.87% of the stolen funds are still traceable, with 3.54% frozen and 7.59% on the dark web.