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The Ethereum price has soared 4% in the last 24 hours to trade at $2,764 as of 7 p.m. EST on a 47% plunge in trading volume to $16.5 billion.

This jump in the ETH price comes as investigators implicate North Korea’s notorious Lazarus Group in the staggering $1.4 billion Bybit hack. Likely Lazarus Group involvement has intensified discussions around crypto security, with many calling for stronger safeguards against such sophisticated threats.

Lazarus Group just connected the Bybit hack to the Phemex hack directly on-chain commingling funds from the intial theft address for both incidents.
Overlap address:
0x33d057af74779925c4b2e720a820387cb89f8f65
Bybit hack txns on Feb 22, 2025:… pic.twitter.com/dh2oHUBCvW
— ZachXBT (@zachxbt) February 22, 2025

The breakthrough in the case was led by on-chain investigator ZachXBT, who provided blockchain evidence linking the attack to the state-sponsored hacking group. His findings earned him a $50,000 ARKM bounty for one of the largest crypto exchange breaches in history.

The investigation revealed that hackers exploited Bybit’s Ethereum multisig cold wallet during a routine transfer to the exchange’s warm wallet. They manipulated the signing interface to show the correct wallet address while secretly altering the smart contract logic.

Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing…
— Bybit (@Bybit_Official) February 21, 2025

Despite the massive scale of the hack, Bybit CEO Ben Zhou reassured users that all withdrawals would continue as usual, even those under review.

The exchange is working closely with blockchain forensics firms and other industry players to trace and recover the stolen funds. Arkham has also shared its forensic findings with Bybit to aid in the investigation.

Ethereum Price Holds Within A Consolidation, Signals Possible Trend Reversal

The ETH/USD daily chart indicates a possible bullish reversal after a long downtrend. ETH is trading at $2,768, up 0.58%, with a daily open of $2,663.38, a high of $2,689, and a low of $2,655. While still in a consolidation phase, technical indicators hint at a potential trend shift.

A strong support zone between $2,227 and $2,400 has repeatedly prevented ETH from dropping further, acting as a key demand area. This level previously fueled a rally above $3,500 in late 2024 before facing selling pressure.

Ethereum price

ETHUSD Analysis Source: Tradingview

The chart also shows a well-defined bearish channel that dominated ETH’s price action from mid-December 2024 to February 2025. Multiple sell signals (B – Bearish indications) were triggered during this phase, leading to a steady decline in price. However, ETH has now broken out of this downward structure, signaling a potential shift in market sentiment.

Ethereum Price Eyes Breakout As RSI Recovers, $2,400 Support In Focus

The Relative Strength Index (RSI) is currently at 46.14, slightly below the neutral 50 level. This indicates that the RSI is recovering from oversold conditions. If the RSI crosses above 50, it would confirm a strengthening bullish momentum, potentially attracting more buyers.

ETH faces a key resistance level at $4,100, which could act as the next major target if the price successfully breaks above $3,000. This would confirm the bullish breakout and open the door for further upside movement.

However, a failure to hold above $2,400 could invalidate the bullish scenario, leading to another retest of the $2,227 support level. A breakdown below this zone could result in further selling pressure, possibly dragging ETH toward $2,000 or lower. If selling pressure increases and ETH fails to hold support, it could trigger a deeper retracement.

BTC Bull Token Presale Races Toward $3 Million – Best Crypto To Buy Now?

Meanwhile, as the Ethereum price struggles at key levels, bullish momentum continues for BTC Bull Token (BTCBULL), a new Bitcoin-themed meme coin that has already raised over $2.6 million in its presale as investors flock to a project that will reward holders with real Bitcoin.

BTC Bull Token introduces a unique Bitcoin giveaway model, airdropping BTC when its price reaches key milestones, starting at $150,000 and for every $50,000 increase thereafter.

Additionally, a BTCBULL token burn will be triggered for every $25,000 rise in Bitcoin’s price, reducing supply and potentially driving up its value. The first burn will take place when Bitcoin hits $125,000.

🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025

A major airdrop is also planned when Bitcoin reaches $250,000, with rewards based on participants’ purchases during the Community Sale. In addition to airdrops, BTCBULL holders can also earn passive income through staking, offering an impressive 164% annual return. Over 642 million tokens are already staked.

The 99Bitcoins YouTube channel, which has over 725K subscribers, predicts BTCBULL could surge 10X after launch.