Ether prices were a key point following the Buybit Exchange Hack on February 21, when more than $1.4 billion in liquid-sinked ether and other digital assets were stolen. The attack is now the biggest code theft in history, with the North Korean state-related Lazarus group being identified as the main suspect. In response, BYBit purchased over 106,498 ether worth around $295 million in commercial transactions, recovering almost 50% of its pre-hack ether supply. This purchase pressure contributed to a 5.38% increase in the price of ether within two days of the violation.
Ether has been steadily decreasing since peaking above $4,100 on December 16, 2024. Above the $3,000 level is considered a key move to reverse the downward trend for the past two months. Market analysts believe that Ether clears its resistance zone between $2,700 and $3,000, will benefit even more, especially when institutional profits continue to increase.
Data from Arkham Intelligence shows that the Lazarus Group’s published wallets own more than $83 million in cryptocurrency, including $3.68 million in ether. However, this is just a small portion of the estimated $1.34 billion stolen by North Korean hackers in 2024, accounting for 61% of all crypto thefts that year, according to chain analysis. If the stolen funds remain untouched for now, it is possible that they will be limited in selling pressure on the ether.
Another factor affecting the price of ether is the decline in supply across crypto exchanges. According to encrypted data, the reserve fell to 18.95 million on February 18th, the lowest Ether traded for around $14 in July 2016. A decline in exchange supply could be a sign of bullishness, as it suggests lower immediate sales pressure.
At the same time, ether is facing significant resistance of over $2,900 and $3,000. Coinglass data shows that breakouts over $3,000 could be triggered by short liquidation over $623 million across exchanges, increasing prices.
Despite recent volatility, some analysts argue that the long-term outlook for the ether remains strong. Co-founder and Chief Operating Officer of Redstone Blockchain Oracle Solutions believes that Ethereum’s fundamentals will ultimately be reflected in its prices. Continued involvement of institutional investors increases confidence in their long-term trajectory.
Although the price of ether is under pressure, factors such as Bibit’s recovery efforts, reduced exchange reserves, and institutional benefits could affect whether they move above $3,000. For now, market sentiment is important in determining the next direction.