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Ethereum prices have displayed resilience over the weekend, rapidly bouncing back from a slump following the massive hack of the Bybit crypto exchange. The digital asset plummeted 7% in mere hours on February 21, falling from $2,832 to $2,629 due to the theft of Ethereum assets worth $1.4 billion.
Despite the initial recovery, ETH did not maintain its momentum above $2,800 and fell back to $2,740 during the Monday morning Asian session, where it discovered support. The asset has been experiencing choppy trading conditions for the past week, having hit resistance just above $2,800 three times while finding support just above $2,600 twice. ETH has been confined within this range since it collapsed below $3,000 in early February.
Despite an overall positive trend for the month, the cryptocurrency has shown little signs of returning to that level despite its resilience in recent times.
As Bybit buys back a substantial amount of ETH to cover its losses, the asset’s recovery is linked to these efforts. The exchange had previously announced it would purchase Ethereum to recover from the hack.
Bybit co-founder and CEO Ben Zhou revealed on February 24 that the firm has received around 446,870 ETH worth approximately $1.23 billion through loans, whale deposits, and ETH purchases since the hack. This move demonstrates Bybit’s determination to recover losses and strengthen its reputation in the crypto market.
It is expected that this development will not only positively impact Ethereum prices but also reinforce confidence within the cryptocurrency community, as the exchange takes substantial steps towards rectifying the situation.
In the meantime, the digital asset continues to be confined within a narrow range.
Source: https://cryptopotato.com/ethereum-bounces-back-as-bybit-closes-gap-on-hack-losses/
