Ethereum Current Price: $2,630
- Thursday saw mixed Ethereum sentiment as hackers from crypto exchanges Coinbase and Cetus executed opposing ETH trades.
- Coinbase's attacker dumped ETH, while the Cetus hacker accumulated.
- A breakout above the rising triangle pattern's resistance could propel ETH over 16% higher.
Ethereum (ETH) surged 5% on Thursday, buoyed by persistent bullish momentum from Bitcoin's (BTC) recent all-time high. Despite gains, ETH faces mixed sentiment as hackers exploit it for fund laundering.
Ethereum Remains a Magnet for Hackers
Within 24 hours, two hackers executed opposing ETH trades:
- Coinbase Exploiter: Converted 26,762 ETH ($68.25M) via social engineering scams.
- Cetus DEX Attacker: Swapped stolen USDC across chains to accumulate 21,938 ETH ($2,658 avg).
This trend highlights ETH’s appeal for illicit cross-chain transactions due to its censorship resistance. For example, February’s Bybit hack involved $1.6B in stolen ETH.
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Ethereum Price Forecast: Eyeing a 16% Rally with Rising Triangle Breakout
Key Data:
- Futures Liquidations: $75.97M (24h), with shorts dominating at $52.03M.
- ETF Inflows: U.S. spot ETH ETFs recorded $600K net inflows Wednesday, led by BlackRock’s iShares Trust ($83.6M over 3 days).
Technical Outlook (8-hour chart):
- Pattern: Rising triangle—a bullish continuation signal.
- Breakout Target: $2,850 resistance, then 16% surge toward $3,000–$3,250.
Indicators:
- MACD: Nearing bullish crossover above the signal line.
- Stochastic Oscillator: Overbought, signaling strong momentum but potential pullback.
Support Levels:
- Short-term: Rising trendline + $2,530.
- 50-period SMA (dynamic support).
- Failure Case: Drop to $2,260–$2,100 if support breaks.
FAQs
Why do hackers prefer Ethereum for laundering?
ETH’s cross-chain interoperability and decentralization make it harder to trace compared to centralized alternatives.
What drives ETH’s current price momentum?
Bitcoin’s bullish spillover and institutional ETF inflows are key catalysts.
How reliable is the rising triangle pattern?
Historically, it signals continuation if volume supports the breakout—watch for confirmation above $2,750.
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