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Ethereum (ETH) Remains Under Pressure Despite Bybit’s Recovery

Ethereum (ETH) Remains Under Pressure Despite Bybit’s Recovery
In the last 24 hours, Ethereum (ETH) has experienced an 8% decline and a 22% drop over the past 30 days, reflecting a bearish market sentiment. The Bybit hack further impacted market sentiment, although the platform has since recovered 84% of its reserves. Despite the recovery, ETH's price remains under pressure with key resistance at $2,850. The sudden drop in Bybit's ETH reserves triggered panic selling on ETH, as well as other coins. However, Bybit's reserves have shown significant recovery since the hack, potentially leading to renewed buying interest in ETH. The Relative Strength Index (RSI) for Ethereum experienced a sharp decline, indicating a rapid shift from bullish to bearish sentiment. The ADX and +DI indicators suggest a weakening trend strength and decreased buying interest, while the -DI indicates increased selling pressure, confirming bearish dominance. Ethereum has struggled to break above the $2,850 resistance and may test support levels at $2,551 and $2,159 if the downtrend continues. However, if Bybit restores its reserves to pre-hack levels, positive sentiment could boost ETH's price and potentially lead to a bullish reversal.

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