Amid broader crypto market correction, Ethereum price has tanked by a solid 8% today slipping under $2,500 levels. The world’s largest altcoin is on the path to registering its worst February in history, with more than 23% fall already so far this month. Furthermore, the recent Bybit exchange hack has dampened sentiment around ETH at this point. However, market analysts still remain hopeful of a potential upside ahead.
Ethereum Price to End February on The Worst Note?
On-chain data from SpotOnChain suggests that Ethereum price could record its worst February performance if it falls under $2,400. Historically, February has been a bullish month for ETH, with only one recorded decline in 2018. However, the current 23% drop threatens to break that trend.
Source: SpotOnChain
The cryptocurrency market has been grappling with macroeconomic uncertainty, including new tariffs introduced by the Trump administration, which has added significant pressure.
As of press time, ETH price is trading 8.44% down at $2,491 with daily trading volumes jumping 30% to more than $30 billion. According to crypto analyst Ali Martinez, the much-anticipated altseason could be derailed if Ethereum price fails to maintain support at $2,600. As shown in the below image, this support level is crucial to avoid falling below the upward-trending channel.
Source: Ali Charts
Market Analysts Continue to Remain Optimistic
Despite the steep fall in ETH price, on-chain data shows that investor interest hasn’t faded enough. On the contrary, Ethereum whales have shown signs of strong accumulation.
As per data from CryptoQuant, addresses holding between 10,000 and 100,000 ETH have increased their balances by 24% over the past year. The cost basis for these accumulating addresses is $2,199, while Ethereum’s current price stands at $2,505. The growth in large wallet balances has been primarily fueled by inflows from smaller wallets holding less than 1,000 ETH, suggesting a redistribution of supply within the ecosystem.
Source: CryptoQuant
Additionally, Crypto Quant CEO Ki Young Ju noted that the recent Bybit hack has not led to significant sell pressure on Ethereum price. Ethereum continues to dominate the stablecoin market, holding 56% of its total market capitalization. With the Trump administration easing crypto regulations, Ki predicts that more firms will adopt ETH-based stablecoins and smart contracts in 2025.
Additionally, Ethereum’s spot ETF has already been approved, providing a regulatory tailwind for the asset. Ki speculates that this could spark a “Large Cap ETF altseason,” potentially driving significant gains for ETH in the coming year. Furthermore, with the Ethereum Pectra upgrade going live on the Holesky testnet, things could improve for better moving ahead.
Bybit Repays $100 Million ETH Loans
Following its hack over the past weekend, crypto exchange Bybit is making swift moves to stabilize operations, by acquiring 100% Ethereum within 48 hours of launch. Crypto exchange Bybit has swiftly repaid a 40,000 ETH loan, valued at $100 million, to fellow exchange Bitget, as per on-chain data by Arkham Intelligence. The repayment, completed in just three days, underscores Bybit’s prompt handling of financial obligations following recent market events.
On the other hand, Bybit hackers have laundered a total of 89,500 ETH, valued at approximately $224 million, in the past 2.5 days. This represents 18% of the total 499,000 ETH stolen in the attack. The hackers are reportedly aiming to exchange the remaining 410,000 ETH for other assets, such as Bitcoin (BTC) and DAI, within the next two weeks. THORChain has been identified as their primary tool for cross-chain asset exchanges.
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