Ether to $3,000? A Crucial Test of Resistance Levels

The world of crypto is an arena where each major incident reshapes market dynamics. Indeed, the colossal hack of $1.4 billion suffered by Bybit, one of the largest centralized exchanges, raises an important question: Can Ether still breach the $3,000 mark despite this shock? This hack, the largest in crypto history, occurs during a time when the Ethereum market wavers between hope and uncertainty. Bybit responded by purchasing over 106,000 ETH to offset its losses. Such a situation has created buying pressure that could reverse the asset’s bearish trend. Yet, will this massive buyback be enough to turn the tide, or does the threat of massive liquidations risk annihilating this rebound?

Bybit shaken by a $1.4 billion hack

On February 21, 2025, Bybit fell victim to the largest crypto theft ever recorded, with an astronomical loss of $1.4 billion in stETH and other assets. According to initial investigation findings, the Lazarus group, linked to North Korea, is pointed out as the perpetrator of this sophisticated attack.

Rather than being overwhelmed by this crisis, Bybit opted for an offensive strategy. In just a few days, the platform purchased 106,498 ETH, injecting nearly $295 million into the market to replenish its reserves and reassure its users. These massive acquisitions, made through over-the-counter (OTC) transactions, have halved the platform’s initial loss in Ether.

However, this rescue maneuver does not guarantee an immediate return of confidence. The market, still in shock, closely monitors the reaction of investors and the evolution of Ether prices against critical technical resistance areas.

A rebound to $3,000, but at what cost?

Since this incident, Ether has shown a 5.38 % increase in just two days, a rise seemingly fueled by Bybit’s buybacks and a reduced supply on exchanges. In fact, the reserves of ETH held on centralized platforms have dropped to 18.95 million, an unprecedented level since July 2016, reinforcing the hypothesis of a market more inclined towards accumulation than selling.

However, this bullish dynamic hides a turbulence zone. According to Vugar Usi Zade, COO of Bitget, for Ether to achieve a true bullish reversal, it must convincingly break through the $2,700 to $3,000 zone. “A decisive breach of this resistance would open the door to the continuation of the bullish trend, especially if institutional interest continues to grow,” he stated.

If ETH breaks through $3,000, CoinGlass data indicates that over $623 million in short positions would be liquidated, potentially amplifying a bullish push. However, the threat of sudden selling pressure remains ever-present, especially if the Lazarus group hackers decide to liquidate their holdings to cash in their gains.

Uncertainty remains regarding the outcome of this situation. The market oscillates between hope and caution, scrutinizing Ether’s ability to break through its resistances while fearing significant volatility due to speculative positions. While the immediate impact of the hack seems mitigated by Bybit’s strategy, the true test lies in the long-term confidence of investors. Will Ethereum be able to turn this crisis into an opportunity, or will it hit an impenetrable glass ceiling?