Ethereum's Downward Spiral: Will Bybit's Recovery Be Enough?

“Ethereum‘s Downward Spiral: Will Bybit’s Recovery Be Enough?”

Ethereum’s Downward Spiral: Will Bybit’s Recovery Be Enough?

Well, shucks, folks! 🤠 Ethereum (ETH) has taken a tumble, fallin’ more than 8% in the last 24 hours and over 22% in the past 30 days. That’s a mighty big drop, if I do say so myself. The price was already in decline before that dadburn Bybit hack, which just added fuel to the fire. 🔥

Now, I know what you’re thinkin’: “Has Bybit recovered from that hack?” And the answer is, yes! They’ve gotten back 84% of their reserves, which is a mighty fine feat, if you ask me. But, despite that, ETH’s price is still under pressure. It’s like tryin’ to hold water in a leaky bucket, just ain’t gonna work. 💧

Bybit’s Recovery: A Drop in the Bucket?

Ethereum’s supply on Bybit took a nosedive after the hack, plummetin’ from 443,000 ETH to just 20,250 ETH in a single day. That’s a whole lotta ETH, if you know what I mean! 🤑

This sudden drop triggered panic sellin’ pressure on ETH and other coins, like a bunch of chickens runnin’ around with their heads cut off. 🐓 But, since February 22, Bybit’s ETH reserves have shown significant recovery, surgin’ from 29,000 ETH to 372,000 ETH by February 24. That’s a mighty fine recovery, if you ask me! 💪

The market’s initial panic sellin’ appears to have been temporary, and the rebound in reserves could lead to renewed buyin’ interest in ETH. But, Ethereum’s price has not recovered to levels before the hack yet. It’s like tryin’ to catch a greased pig, just ain’t gonna happen. 🐖

Indicators Show No Signs of a Bullish Momentum 🐂

The Relative Strength Index (RSI) for Ethereum was recoverin’ after the Bybit hack, reachin’ 63.2 yesterday, indicatin’ strong buyin’ momentum. But, it’s since dropped sharply and is now at 43, signalin’ a significant shift in market sentiment. That’s like tryin’ to read a book with the pages torn out, just ain’t gonna make sense. 📚

Ethereum’s RSI droppin’ from 63.2 to 43 in just one day suggests a rapid shift from bullish to bearish sentiment. That’s like tryin’ to turn a battleship around in a bathtub, just ain’t gonna happen. 🚢

Ethereum’s DMI chart shows the ADX at 18.3, down from 21.4 yesterday, indicatin’ weakenin’ trend strength. That’s like tryin’ to hold a candle in a hurricane, just ain’t gonna work. 🌪️

The +DI dropped from 30.4 to 20, showin’ decreased buyin’ interest, while the -DI rose from 12.3 to 22.9, signalin’ increased sellin’ pressure. That’s like tryin’ to catch a fish with your bare hands, just ain’t gonna happen. 🎣

Ethereum Price Has Been Below $2,900 For Three Weeks 📉

Ethereum has struggled to break above the $2,850 resistance, which has been repeatedly tested in recent weeks. If the current downtrend continues, ETH could test the support at $2,551, and if that level fails, it might drop further to $2,159. That’s like tryin’ to predict the weather, just ain’t gonna happen. ⛈️

However, if Bybit successfully restores its reserves to pre-hack levels, this could boost positive sentiment for ETH. In this scenario, an uptrend might retest the $2,850 resistance, and if broken, Ethereum price could rise to $3,020. That’s like tryin’ to find a needle in a haystack, just might happen. 🌼

2025-02-25 02:07

Bybit’s Recovery: A Drop in the Bucket?

Indicators Show No Signs of a Bullish Momentum 🐂

Ethereum Price Has Been Below $2,900 For Three Weeks 📉

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