Ethereum Rebounds After Bybit Hack | Airdrop Alert Pro

Ethereum (ETH) shows signs of recovery following a sharp drop caused by Bybit Hack, which affects its price. Despite the rebound, ETH has dropped by nearly 18% over the past 30 days, reflection continues volatility.

It is worth noting that Eth’s RSI During the sell-off period, it rebounded from the low of 39.2 to 58.6, indicating an increase in buying pressure. This recovery in RSI suggests that market sentiment is gradually improving and if the momentum continues, it is possible to lay the foundation for further price growth.

ETH RSI has recovered from recent declines

ETH’s RSI is currently 58.6, which is significantly improved compared to the level 39.2 that Bybit Hack has significantly impacted its price.

RSI recovery reflects Buy momentum ETH It has risen since the sharp drop.

This upward movement of RSI shows that buying pressure has recovered, helping Ethereum prices are stable and potentially pave the way for further price increases If the momentum continues.

RSI, or Relative Strength Indexis a momentum oscillator that measures the speed of price change and changes. It ranges from 0 to 100 with thresholds of 30 and 70.

RSI under 30 is generally considered to indicate a potential purchase opportunity, while RSI above 70 is considered to be over-purchased, indicating possible price corrections.

ETH’s RSI is currently 58.6, which is in the neutral zone but tends to be bullish. This level of advice Ethereum still has room to grow Pricing may continue to appreciate as the purchase interest remains stable before reaching too much territory.

Ethereum whale accumulated after Bybit Hack

The number of Ethereum whales (at least 1,000 ETH) has been steadily rising over the past month, from 5,680 on January 25 to 5,828 on February 22.

This marks the highest level since December 2023, which shows interest and accumulation among large holders. The increase in whale addresses suggests that institutional investors or high net worth individuals are building positions and may expect future price increases, especially between February 21 and February 22 ETH price drops after Bybit Hack.

This growing accumulation can provide a solid foundation for the price increase of ETH.

Tracking Ethereum whales is crucial because their buying and selling behavior can greatly affect the market.

When whales accumulate, it reduces the circulating supply, which may drive prices up as demand decreases. Instead, when they sell it puts huge downward pressure on the price.

Currently, the increase in whale addresses shows that large investors are becoming more and more confident.

Although this is the highest level since December 2023, it is still relatively low compared to historical data. This shows that there is more room for accumulation. If this trend continues, it may lead to a continuous upward movement ETH price is used as demand supply space.

Will Ethereum eventually return above $2,900?

Ethereum’s EMA line shows that the golden cross will soon form. The gold cross usually marks a bullish trend and potential upward momentum.

If this happens, Ethereum can test the price first The level is close to its long-term line (the blue line in the chart), which is about $2,876. Breaking this resistance could open the door for a $3,020 transfer.

If the uptrend continues to be strong, ETH can even reach $3,442.

However, ETH has been working to recover above the $2,900 level in recent attempts, indicating possible resistance and market hesitation.

If it cannot break through again and starts to go downward, ETH price A support level of $2,551 can be tested. Losing this support could lead to a higher drop, possibly down to $2,159.