Ethereum Plunges 15%, Breaches $2,500 Amid Bybit Hack; Wyckoff Pattern Suggests $8,000 Surge

Ethereum (ETH) has experienced a significant price drop this week, falling over 15% and breaching the $2,500 mark. The decline follows reports of a major security breach at Bybit, where hackers allegedly stole $1.5 billion worth of crypto. Despite the recent crash, the Wyckoff Accumulation Pattern suggests a potential rebound for ETH, hinting at a possible surge toward $8,000.

The Wyckoff Accumulation Pattern indicates that ETH is undergoing a critical retest after breaking above a significant support zone. Historical trends suggest that such retests often confirm the continuation of the prevailing trend, pointing to sustained upward momentum. Analysts observe that ETH has respected this level multiple times, supporting the likelihood of further gains. If ETH holds its current structure, technical indicators hint at a potential rally toward $8,000 in the long term, as the price action resembles past market cycles where accumulation phases led to exponential growth.

Ethereum price is currently testing a key support level within the 2024 low of $2,000 after a recent downward move. The analyst highlights a similarity to a past cycle where ETH rebounded from this level before gaining momentum. Analysts suggest the market structure mirrors an earlier period, with the potential for a shift if the price holds above this range. Traders are closely monitoring the $2,000-$2,400 zone as a possible turning point, with the 2024 high at $4,250 acting as a key resistance. The stochastic RSI also indicates oversold conditions, which previously signaled upward movement.

The price of ETH has continued its downward movement, testing key support levels as bearish momentum builds. The Ethereum price is currently hovering around $2,290, struggling to hold above this critical zone. A significant breakdown occurred recently, pushing Ethereum below the $2,500 resistance level. Sellers dominated the market, leading to a sharp decline. If the price fails to reclaim $2,500, further losses could extend toward $2,000 or even $1,750 in the coming sessions. The MACD histogram remains in the negative region, while the MACD line is below the signal line, indicating that sellers maintain control. If momentum persists, the Ethereum price prediction could experience more