Ethereum price drops 4% despite Bybit’s $1.23 billion ETH acquisition
Ethereum's price struggled to maintain its gains
Ethereum price recovery over the weekend proved short-lived, as the cryptocurrency failed to sustain momentum above the critical $2,850 resistance level.
This zone has repeatedly capped upside movement since early February, and another rejection at this threshold triggered a sharp 4% decline in today’s Asian session, sending ETH to a low of $2,695. The decline also has pushed key technical indicators into bearish territory, raising concerns about further downside in the short term.
Ethereum's weekend rebound followed reports that crypto exchange Bybit had aggressively acquired ETH to close the shortfall caused by a recent security breach. Blockchain analytics firm Lookonchain revealed that Bybit had received approximately 446,870 ETH valued at around $1.23 billion through a mix of loans, whale deposits, and direct purchases. Bybit CEO Ben Zhou later confirmed that the exchange had fully restored its ETH reserves and announced an upcoming audited proof-of-reserves report.
Ethereum price outlook: Traders eye $2,620 and $2,550 as next support zones
Ethereum price dynamics (Feb 2025). Source: TradingView.
Despite the influx of liquidity from Bybit’s purchases, Ethereum's price struggled to maintain its gains. The rejection at $2,850 reinforced the prevailing downtrend, sending the price lower in early Monday trading with the daily and 4-hour Relative Strength Index (RSI) slipping into bearish territory.
As of the European session, ETH is trading near $2,725. The recent failure to break above $2,850 increases the risk of further declines. If bearish pressure persists, traders will be watching near-term support levels at $2,620 and $2,550. Conversely, for Ethereum to regain bullish footing, a decisive move above $2,850 is necessary. Overcoming this resistance could potentially open the path toward $3,000. For now, Ethereum remains under pressure, with technical signals suggesting that sellers have the upper hand unless a significant shift in momentum occurs.
Ethereum's complexity makes a blockchain rollback impossible for recovering stolen funds. The idea is dismissed due to past interventions that only occurred under unique and limited conditions.
