Ethereum (ETH) Price Holds Within a Consolidation, Signals Possible Trend Reversal

The ETH/USD daily chart indicates a possible bullish reversal after a long downtrend.

The Ethereum price has soared 4% in the last 24 hours to trade at $2,764 as of 7 p.m. EST on a 47% plunge in trading volume to $16.5 billion.

This jump in the ETH price comes as investigators implicate North Korea’s notorious Lazarus Group in the staggering $1.4 billion Bybit hack. Likely Lazarus Group involvement has intensified discussions around crypto security, with many calling for stronger safeguards against such sophisticated threats.

The Lazarus Group just connected the Bybit hack to the Phemex hack directly on-chain commingling funds from the intial theft address for both incidents.

Overlap address:0x33d057af74779925c4b2e720a820387cb89f8f65

Bybit hack txns on Feb 22, 2025:… pic.twitter.com/dh2oHUBCvW

— ZachXBT (@zachxbt) February 22, 2025

The breakthrough in the case was led by on-chain investigator ZachXBT, who provided blockchain evidence linking the attack to the state-sponsored hacking group. His findings earned him a $50,000 ARKM bounty for one of the largest crypto exchange breaches in history.

The investigation revealed that hackers exploited Bybit’s Ethereum multisig cold wallet during a routine transfer to the exchange’s warm wallet. They manipulated the signing interface to show the correct wallet address while secretly altering the smart contract logic.

Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing…

— Bybit (@Bybit_Official) February 21, 2025

Despite the massive scale of the hack, Bybit CEO Ben Zhou reassured users that all withdrawals would continue as usual, even those under review.

The exchange is working closely with blockchain forensics firms and other industry players to trace and recover the stolen funds. Arkham has also shared its forensic findings with Bybit to aid in the investigation.

Ethereum Price Holds Within A Consolidation, Signals Possible Trend Reversal

The ETH/USD daily chart indicates a possible bullish reversal after a long downtrend. ETH is trading at $2,768, up 0.58%, with a daily open of $2,663.38, a high of $2,689, and a low of $2,655. While still in a consolidation phase, technical indicators hint at a potential trend shift.

A strong support zone between $2,227 and $2,400 has repeatedly prevented ETH from dropping further, acting as a key demand area. This level previously fueled a rally above $3,500 in late 2024 before facing selling pressure.

ETHUSD Analysis Source: Tradingview

The chart also shows a well-defined bearish channel that dominated ETH’s price action from mid-December 2024 to February 2025. Multiple sell signals (B – Bearish indications) were triggered during this phase, leading to a steady decline in price, However, ETH has now broken out of this downward structure, signaling a potential shift in market sentiment.

Ethereum Price Eyes Breakout As RSI Recovers, $2,400 Support In Focus

The Relative Strength Index (RSI) is currently at 46.14, slightly below the neutral 50 level. This indicates that the RSI is recovering from oversold conditions. If the RSI crosses above 50, it would confirm a strengthening bullish momentum, potentially attracting more buyers.

ETH faces a key resistance level at $4,100, which could act as the next major target if the price successfully breaks above $3,000. This would confirm the bullish breakout and open the door for further upside movement.

However, a failure to hold above $2,400 could invalidate the bullish scenario, leading to another retest of the $2,227 support level. A breakdown below this zone could result in further selling pressure, possibly dragging ETH toward $2,000 or lower. If selling pressure increases and ETH fails to hold support, it could trigger a deeper retracement.

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