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The Ethereum price dropped over 1% in the last 24 hours to trade at $2,722 as of 11:16 p.m. EST on trading volume that rose 50% to $23.9 billion.
This retracement in the ETH price comes after Bybit received approximately 446,879 ETH, valued at $1.23 billion, to address the losses from the recent hack. The support came through loans, whale deposits, and ETH purchases, with the influx of funds allowing Bybit to nearly close the financial gap created by the breach, which was valued at $1.25 billion.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025
Ethereum Price Analysis: Potential Breakout Or Continued Consolidation?
The ETH price has experienced a significant price movement over the past few months. The altcoin’s daily chart illustrates a clear rounding top pattern, which typically indicates a bearish reversal after a strong uptrend. ETH peaked near the $4,000 level before experiencing a prolonged decline, according to GeckoTerminal data.
Currently, the Ethereum price is consolidating around the $2,722 level, showing signs of stabilization after the previous downtrend. The purple highlighted zone represents a historical support/resistance area where ETH traded sideways before its last breakout. If this zone holds, it could act as a strong base for the next potential upward move.
Additionally, the 200-day Simple Moving Average (SMA) and 50-day SMA are both positioned above the current price, reinforcing resistance near $2,937 – $3,021. This means Ethereum will need to break through these moving averages before confirming a strong recovery.
The Relative Strength Index (RSI) is at 44.69, indicating neutral to slightly bearish momentum. An RSI values below 50 suggests weakness, but it is not in the oversold zone yet. If RSI moves above 50, it would indicate a shift toward bullish momentum.
Meanwhile, the blue Moving Average Convergence Divergence (MACD) is above the orange signal line, which represents a bullish crossover.
ETH Price Prediction
Given the current structure and indicators, if the ETH price can reclaim $2,937 (200-day SMA) and $3,021 (50-day SMA) as supports, it could trigger a breakout. A move above these levels could push the price of Ethereum toward the next major resistance at $4,000, as indicated by the blue measured move target (49% upside).
However, if the price of ETH fails to break the $3,000 resistance zone, it may face a drop back to $2,500 or lower. Failure to hold $2,722 could lead to a retest of $2,500 – $2,400, with potential further downside if selling pressure intensifies.
Meanwhile, investors are flocking to the presale for Best Wallet (BEST), which YouTuber ClayBro, with over 136K subscribers, says might be the best crypto wallet for 2025.
Best Wallet Presale Charging Towards The $11 Million Milestone
Best Wallet is a Web3 wallet similar to Metamask, but with several standout features that set it apart. One of the most intriguing aspects is that it’s already a working product, not just an idea.
With the wallet’s launch and an impressive 250,000 monthly active users, it demonstrates real demand and provides a solid foundation for future growth.
In its current ICO phase, the project has already garnered over $10.5 million.
One of Best Wallet’s standout features is its “Upcoming Tokens” section. This feature flags the hottest presales in the market early for investors.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
It’s got a great track record at identifying promising projects, having already flagged early tokens including Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Part of BEST’s appeal is that investors can also stake their tokens for a huge 154% annual return.
Currently, BEST tokens are priced at $0.0241. Those interested in joining the project should buy BEST before a price hike in 11 hours.
Purchase BEST on its official website here.
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