Ethereum Struggles Despite Bybit’s Reserve Recovery | Airdrop Alert Pro

Ethereum (ETH) has dropped by more than 8% in the past 24 hours and more than 22% in the past 30 days, reflecting the sentiment of the bearish market. Prior to Bybit Hack, prices had fallen, which further affected market sentiment.

Although Bybit has recovered 84% of its reserves, the price of ETH remains under pressure. Since February 2, the outlook for Ethereum remains uncertain as bearish indicators continue to dominate as key resistance is $2,850, and no more than $2,900.

bybit is restoring its ETH reserves after hackers

Supply on Ethereum drops sharply after hacking443,000 ETH in the day fell to just 20,250 ETH.

This sudden drop has sparked panic sales pressure on ETH as well as BTC and other coins as market participants fear a potential liquidity crisis.

The sharp decline in reserves has increased uncertainty and led to widespread speculation about the consequences. Some users suggest that Bybit may be forced to buy back ETH to restore its reserves, which may create strong buying pressure.

Since February 22 Bybit’s ETH reserves have shown significant recoveryBy February 24, 29,000 ETH rose to 372,000 ETH, accounting for 84% of its former reserves.

The initial panic sales in the market seem to be temporary, and the rebound in reserves may lead to Purchase interest on repurchasing ETH. However, Ethereum’s price has not yet recovered to level before hacking.

There is no sign of bullish momentum in the indicator

Relative Strength Index (RSI) for Ethereum recovers after bybit hackhit 63.2 yesterday, indicating strong buying momentum.

However, since then, it has dropped sharply and is now 43 years old, indicating a significant change in market sentiment. RSI is a momentum oscillator that measures the speed and changes of price movements, ranging from 0 to 100.

Usually, one RSI or above 70 years old indicates that the assets are too highindicating potential sales pressure, while RSI under 30 indicates oversold assets and potentially indicates buying opportunities.

RSI between 30 and 70 is generally considered neutral, and movement within this range reflects normal market volatility.

Ethereum’s RSI fell from 63.2 to 43 in just one day, indicating a shift from bullish to bearish sentiment. This significant decline may indicate Increase sales pressure or reduce purchase interestprobably due to the consequences of Bybit Hack.

The rate of decline to 43 also brings RSI closer to oversell territory, and if it continues, it may indicate a bearish trend. However, if purchase interest is restored, the RSI may stabilize or even rebound, indicating a potential recovery.

Ethereum’s DMI chart shows that ADX fell from 21.4 yesterday at 18.3, indicating a weaker trend. ADX below 20 indicates a lack of clear momentum, consistent with Ethereum’s continued downward trend.

Meanwhile, +DI fell from 30.4 to 20, showing a lower purchase interest, while -DI rose from 12.3 to 22.9, signal increased sales pressure.

-di crossover +di above confirms the bearish advantage, indicating Ethereum prices continue to be downward.

The weakened ADX combined with Rising-Di indicates a downward trend that may persist unless the buying momentum returns. This may lead to price drops or sideways movement

Ethereum price is already below $2,900

Ethereum has been working hard to break Resistors above $2,850 have been tested repeatedly in recent weeks. If the current downtrend continues, ETH can be tested for support at $2,551, which may drop further to $2,159 if that level fails.

It is worth noting that Ethereum has not lost more than $2,900 since February 2, highlighting strong resistance in this range.

However, if Bybit successfully restores reserves, this may increase positive sentiment towards ETH. In this case, the uptrend may retest the $2,850 resistor if broken, Ethereum Price Probably rises to $3,020.

The momentum should continue, with the next target of $3,442. ETH has struggled at this level since early February, and breaking through more than $2,900 will be important, which may indicate a bullish reversal.