Bybit Hack: $1.46 billion ETH stolen, impacting Ethereum's price

The Bybit Hack has resulted in the theft of over $1.46 billion in ETH, causing Ethereum's price to drop by 5%. There is speculation about Bybit's potential market buyback to compensate users, which could create significant buying pressure. The stolen assets being liquidated has impacted Ethereum's key technical indicators.

CEO confirms security breach, speculation on recovery moves

Bybit's next steps are uncertain, and speculation about user reimbursements and market behavior is ongoing. The hack has weakened Ethereum's bullish sentiment, with indicators suggesting a shift in market sentiment and potential selling pressure.

Stolen assets impact Ethereum's price indicators

The impact of the hack on Ethereum's market remains unclear, with possibilities of further price decline or recovery depending on liquidations and user confidence.

The Bybit Hack has shaken the market today, with over $1.46 billion in ETH stolen, marking one of the largest security breaches in history. As the stolen assets are being liquidated, Ethereum’s price dropped by 5% in a straight line, impacting key technical indicators.

Potential market changes following the security breach

Speculation is growing about Bybit’s next moves, with some suggesting a potential market buyback to compensate users, which could create significant buying pressure. However, it remains uncertain how Ethereum’s price will behave in the coming days as the situation continues to unfold.

WILL BYBIT HACK LEAD TO A STRONG BUYBACK?

CEO Ben Zhou confirmed that attackers tricked Bybit’s security system, leading wallet signers to unknowingly approve changes to the smart contract logic, giving the hacker control. The stolen ETH is being liquidated, causing Ethereum’s price to drop by over 4%. Some users are speculating about Bybit’s next moves to recover users’ funds.

Arkham published on X that a Bybit Cold wallet transferred more than $500 million to another Bybit wallet, suggesting the exchange could be getting ready to prepare funds for user reimbursements following the hack.

INDICATORS SUGGEST STOLEN ASSETS IMPACTED ETHEREUM PRICE

The recent hack impacting Bybit caused Ethereum’s Relative Strength Index (RSI) to drop sharply from 62.8 to 51.6 in just a few hours. This rapid decline indicates a sudden loss of buying momentum, reflecting increased selling pressure as the stolen ETH was liquidated.

Ethereum’s Directional Movement Index (DMI) chart shows a weak trend, with a decline in buying pressure and increased selling pressure following the hack.

HOW WILL ETHEREUM’S MARKET CHANGE FOLLOWING THE HACK?

If liquidations continue or user confidence weakens following the Bybit hack, ETH could soon test the support at $2,551. A break below this level could lead to a decline toward $2,160, signaling increased selling pressure. Conversely, if Bybit manages to recover the stolen assets or if significant buying pressure emerges, ETH price could test the resistance at $3,020.