The recent $1.7 billion Ethereum (ETH) heist from the Bybit cryptocurrency exchange caused a significant price drop in the overall cryptocurrency market. However, it seems that Bybit is now accumulating ETH once again to continue its operations.
Bybit recently made a substantial purchase of 36,893 ETH worth $87.50 million through an over-the-counter (OTC) trade. This purchase comes after the firm bought nearly 212,101 ETH worth $574 million over the past three days through OTC trades. These significant purchases by Bybit could attract other industry giants to buy ETH, potentially increasing buying pressure and driving further upside momentum.
Despite Bybit’s purchases, the price of ETH has remained unaffected and has experienced a notable 10% drop in the past 24 hours. Currently trading near the $2,423 level, ETH has seen a 70% surge in trading volume compared to the previous day.
With the recent price drop, ETH has breached its consolidation zone and appears to be falling toward the next support level. Market sentiment suggests that the asset could experience a further price drop of over 10%, reaching the $2,200 mark in the coming days.
ETH is currently trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend. Traders are also betting on the short side, with over-leveraged positions at $2,355 on the lower side and $2,458 on the upper side. In the past 24 hours, traders have built $247 million worth of long positions and $296 million worth of short positions at these levels.
These levels and positions suggest that the current market sentiment favors the short side in the short-term timeframe. Overall, the recent ETH purchases by Bybit and the bearish market sentiment indicate potential further downside for ETH in the near future.