Ethereum

bullish

Arkham

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Ethereum price held steady as the market came to terms with the $1.4 billion hack by the Lazarus Group.&nbsp;
Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) traded at $2,795 on Sunday, a few points above last Friday’s low of $2,665. It remains about 32% below the highest level in December last year.&nbsp;
Coinglass data shows that Ethereum balances on Bybit have started rising after crashing on Friday following the hack. Balances rose to over 200,000 or $558 million, up from last Friday’s low of 61,000.
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 <img loading="lazy" width="1024" height="312" src="https://crypto.news/app/uploads/2025/02/Bybit-Ethereum-Balances-1024x312.jpeg" alt="Ethereum balances">
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 Bybit ETH balances | Source: CoinGlass
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You might also like: <a href="https://crypto.news/lazarus-group-identified-in-1-5b-bybit-hack-arkham/" rel="noopener noreferrer nofollow"> Lazarus Group identified in $1.5b Bybit hack: Arkham </a>
There are two potential reasons for the ongoing Ethereum balances on Bybit. First, there is a likelihood that Bybit is actively buying ETH from the market as it seeks to boost confidence with its users.&nbsp;
Second, the ongoing rise is a sign that customers are transferring ETH to the exchange as confidence rises. That’s because Bybit has maintained that it will <a href="https://crypto.news/bybit-ceo-we-can-cover-100-of-the-stolen-ethereum/" rel="noopener noreferrer nofollow">cover 100%</a> of the stolen Ethereum coins. Bybit has also launched a $140 million to track down the funds, a move that may see part of them returned.&nbsp;
These events are happening after North Korea’s <a href="https://crypto.news/lazarus-group-identified-in-1-5b-bybit-hack-arkham/" rel="noopener noreferrer nofollow">Lazarus Group</a> allegedly accessed Bybit’s cold wallets and stole ETH tokens worth $1.4 billion. In addition to its scale, this hack raised concerns about the safety of crypto assets stored in cold wallets, by exchanges.
<h2 class="wp-block-heading" id="ethereum-price-may-be-at-risk-of-a-bigger-dive">Ethereum price may be at risk of a bigger dive</h2>
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 <img loading="lazy" width="3550" height="1974" src="https://crypto.news/app/uploads/2025/02/Ethereum-Price-5.png" alt="Ethereum price">
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 ETH price chart | Source: <a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">crypto.news</a>
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The daily chart shows that Ethereum may be at risk of a bigger dive in the near term. It has already formed a death cross pattern as the 200-day and 50-day weighted moving averages crossed each other. It is one of the most bearish chart patterns in technical analysis.
Ethereum price has also formed a bearish flag chart pattern, a popular continuation sign. This pattern is made up of a vertical line and a consolidation. This consolidation also resembles a rising wedge pattern.
Therefore, the ETH token will likely have a bearish breakdown, with the next reference level being at $2,155, the lowest point this year, which is about 23% below the current level.
The bullish outlook will become invalid if the coin jumps above the 200-day WMA point at $3,085.&nbsp;
Read more: <a href="https://crypto.news/bybit-launches-140m-bounty-to-track-down-crypto-heist/" rel="noopener noreferrer nofollow"> Bybit launches $140m bounty to track down crypto heist </a>

Ethereum wavers as Bybit ETH reserves rise after Lazarus hack

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