- Ethereum plummets 23% in February 2025, trading below $2,500 after Bybit hack chaos.
- ETH fails to break the $2,800 resistance, and RSI at 33.36 signals oversold territory.
- The MACD indicator signals potential bearish momentum as histogram bars continue to weaken.
According to a market analysis from Daan Crypto, the Ethereum price faces substantial hurdles as the cryptocurrency failed to overcome the $2,800 resistance threshold. The price resistance at $2,800 proved challenging for Ethereum after Bybit announced that they had fixed a hack that caused rates to decline. Moreover, the cryptocurrency market appears to be in a broader state of instability as Ethereum approaches the crucial range between $2,100 and $2,800.
Ethereum’s price is above the 0.786 Fibonacci retracement level, near $2,316, a historically significant support zone. Daan Crypto notes that both Ethereum and Bitcoin have shown strong reactions at this level. However, Ethereum remains in a consolidation phase, suggesting uncertainty about its ability to break out into an uptrend.
Ethereum Price Challenges: Support Levels Under Pressure
The price of Ethereum fell sharply this February 2025 as the crypto market experienced a correction, which resulted in a 23% decline. On February 25, Ethereum dropped 8% in a single day, falling below $2,500 to trade at $2,427.37 at press time. Trading volumes surged 30% to over $30 billion, indicating heightened market activity and uncertainty.
The Bybit exchange hack, which resulted in the theft of $224 million in ETH, has further dampened market sentiment. In 2.5 days, hackers laundered 89,500 ETH through transactions on THORChain. Daan Crypto reports that this incident generated intensified selling activity, forcing Ethereum down below its important $2,600 support mark. Further price declines are likely if Ethereum fails to hold above $2,400.
Related: Traders Eye $6K-$8K as ETH’s Last Liquidity Exit—Here’s Why
Technical Trends and Ethereum Market Outlook
Ethereum technical market indicators signal both positive and negative trends at present. The Relative Strength Index shows a value of 33.36, which is near oversold conditions, suggesting increasing selling pressure. The Moving Average Convergence Divergence (MACD) remains above the signal level, but the weakening histogram and the narrowing gap indicate a potential bearish crossover.
Furthermore, Ethereum’s candlestick chart has shown a downward trend since mid-February, with consecutive red candles indicating sustained selling pressure. Despite this, Daan Crypto notes that Ethereum has repeatedly tested key levels like $2,100 and $2,800. A sustained break above $2,800 could signal a potential recovery.
