Ethereum Whales Accumulate Despite Bybit Hack, Price Hovers

Ethereum whales have been actively accumulating the cryptocurrency despite the recent $1.1 billion hack on Bybit, indicating strong buying pressure. Over the past 24 hours, whales have added approximately 140,000 ETH to their holdings, signaling confidence in Ethereum's long-term prospects.

The Bybit hack, which resulted in the loss of around 405,000 ETH, has sparked speculation about potential sell-offs and buybacks, making Ethereum's near-term trajectory uncertain. However, on-chain data suggests that large Ethereum holders have been steadily increasing their positions, with wallets holding between 10,000 and 100,000 ETH accumulating 140,000 ETH in the last 24 hours.

From a price action perspective, Ethereum rebounded slightly, trading at $2,692.35 after a 1.15% hike at the time of writing. However, the 50-day moving average remained above the press time price, indicating that resistance could limit upside in the near term.

The latest Bybit security breach raised concerns about immediate sell pressure, as historically such incidents have led to heightened volatility. Analysts anticipate that either the stolen ETH could be offloaded onto the market, driving prices lower, or institutional buybacks can help stabilize the price. On-chain metrics noted a mixed reaction from investors, with the number of new Ethereum addresses remaining relatively stable, while transactions from whale wallets suggested that larger market participants have been adjusting their strategies.

At the time of writing, Ethereum's price chart revealed that it remains in a consolidation phase, with the MACD indicator positioned below zero, indicating weak momentum. However, a potential crossover could allude to a shift in trend, and the accumulation/distribution metric highlighted that while some traders are offloading ETH, others are still buying. If Ethereum manages to break above the $2,802 resistance level, a rally towards $3,000 could be in play. However, failure to maintain press time levels may see the asset retest support around $2,500.

Ethereum will remain at a crossroads for now, especially as whale accumulation counterbalances potential selling pressure from the Bybit hack. The market's next move depends on whether institutional buybacks support