Ethereum Rallies After $1.4B Hack, Bitcoin Pepe Surges in Presale

Ethereum (ETH) has demonstrated remarkable resilience following a significant hack on Bybit, a major cryptocurrency exchange. On February 21, Bybit suffered a $1.4 billion Ethereum heist, causing ETH's price to plummet to a low of $2,616.92. However, the exchange swiftly responded by repurchasing ETH, contributing to a price recovery that pushed Ethereum's price back above $2,700.

Amid the wild Ethereum price swings, Bitcoin Pepe (BPEP), a novel Bitcoin-based meme coin ICO, has reported a 15.7% surge in its ongoing presale. This development offers investors a compelling alternative to traditional altcoin investments.

The Ethereum market has shown remarkable strength following the Bybit heist. The altcoin climbed to $2,780, a 2.50% increase within 24 hours, accompanied by a 10% rise in trading volume. This price recovery can be attributed to Bybit's repurchase of 54,393 ETH for nearly 100 million USDT at an average price of $2,711, executed through OTC trades with Galaxy Digital and FalconX, which appears to have bolstered this momentum.

Bybit's actions, including the repurchase of ETH and the launch of a 10% bounty as part of recovery efforts, have signaled a collective effort to stabilize the exchange. Despite a $155.5 million ETH inflow to exchanges, typically a bearish sign of selling pressure, ETH defied expectations, outperforming Bitcoin and XRP.

Technical analysis suggests Ethereum (ETH) is consolidating between $2,560 and $2,800, with a potential 10% jump to $3,100 if it breaks above $2,820. This resilience aligns with broader bullish signals for Ethereum. On-chain indicators like the MVRV Price Bands and Mayer Multiple models, which recently pegged ETH as undervalued, reinforce the narrative of untapped potential.

As Ethereum navigates the volatile market after the largest crypto hack in history, Bitcoin Pepe, branding itself as the "World's Only Bitcoin Meme ICO," is capturing the attention with a 15.7