Ethereum News: Market Consolidation Continues Amid Security Breach Concerns

Ethereum (ETH) Still Lacks Clear Direction

Ethereum has recovered to $2,000 but several metrics point to a market caught in consolidation. Whether Ethereum breaks out or breaks down may depend on technical levels and shifting investor behavior. Ethereum’s BBTrend is currently at 3.23 and has remained positive for three consecutive days, suggesting a strengthening trend over the short term, though not aggressively.

Abracadabra.Money Loses $13M in ETH to Security Breach

Decentralized lending protocol Abracadabra.Money has suffered another devastating security breach, resulting in the loss of approximately $13 million worth of Ether (ETH). The exploit, detected on March 25 by blockchain security firm PeckShield, specifically targeted pools utilizing GMX tokens. This marks the second significant attack on the platform this year, following a $6.49 million breach in January that led to the depegging of its Magic Internet Money (MIM) stablecoin. The recent incident saw malicious actors draining 6,260 ETH by exploiting vulnerabilities in Abracadabra’s smart contract infrastructure.

Ethereum (ETH) Price Prediction for March 26

Recently, Ethereum (ETH) is trading at $2,073.84, showing a modest 0.79% decrease in the last 24 hours. This decline, though modest on a daily basis, comes on the heels of a 26.02% fall over the last 30 days. The longer-term decline suggests that despite periods of recovery, ETH has been under persistent selling pressure amid broader market uncertainty. The RSI is currently NEAR 50, indicating a neutral stance. This balanced reading suggests that ETH is neither overbought nor oversold. However, if the RSI moves above 60, it would indicate increasing bullish momentum.

Ethereum Forms Complex iH&S Structure, Potential $18,000 Target

Ethereum (ETH) is showing signs of a bullish breakout, forming a complex Inverse Head and Shoulder (iH&S) pattern on the weekly timeframe. This technical formation suggests that the Ethereum price could rally towards a target of $18,000. Crypto analyst Gert van Lagen predicts this despite Ethereum’s long consolidation period and recent crash amid market turmoil. Notably, Ethereum recently bounced off the $1,800 – $2,000 support range, which previously served as resistance during the ‘Head’ phase of the iH&S pattern.