Ethereum price started a fresh upward move above the $2,420 resistance. ETH traded close to $2,500 and is now consolidating gains.

• Ethereum started another increase from the $2,320 resistance.
• The price is trading above $2,400 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $2,480 resistance to continue higher in the near term.

Ethereum Price Surges Over 8%

Ethereum price remained well-supported and extended its increase, beating Bitcoin. ETH was able to clear the $2,350 and $2,420 resistance levels.

There was a sharp move, and the price gained nearly 10%. It traded close to the $2,500 resistance zone. A high was formed at $2,493 and the price is now consolidating gains. There was a minor decline below the $2,460 level. The price tested the 23.6% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

Ethereum price is now trading above $2,440 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,385 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $2,277 swing low to the $2,493 high.

On the upside, the price seems to be facing hurdles near the $2,480 level. The first major resistance is near the $2,500 level. The next key resistance is near $2,550.

An upside break above the $2,550 resistance might call for more gains. In the stated case, Ether could rise toward the $2,650 resistance zone in the near term. The next hurdle sits near the $2,750 level or $2,800.

Are Dips Limited In ETH?

If Ethereum fails to clear the $2,480 resistance, it could start a downside correction. Initial support on the downside is near $2,440. The first major support sits near the $2,385 zone and the trend line zone.

A clear move below the $2,385 support might push the price toward $2,320. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,200.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,385

Major Resistance Level – $2,500

The crypto exchange BingX reportedly lost over $26 million in various digital assets early Thursday morning. This incident adds to a troubling week for crypto platforms as multiple hacks continue to expose vulnerabilities within the sector.

PeckShield, a blockchain security company, initially detected suspicious transactions at approximately 00:37 UTC. Initial reports suggested an outflow of around $13.6 million.

BingX Has Paused Withdrawals

Following this, several crypto security platforms conducted a more thorough examination and confirmed that BingX had been compromised. On-chain analysis firm Lookonchain detailed the stolen assets, which included over 360 different altcoins. The stolen funds were swiftly transferred to the wallet address ‘0xF7e8’ before being exchanged primarily for Ethereum (ETH) and BNB.

Read more: Crypto Project Security: A Guide to Early Threat Detection

The detailed breakdown of the stolen assets includes:

• 4.44 million USDT ($4.44 million),
• 1 million WUSD ($1 million),
• 608,660 USDC ($608,660),
• 9.38 BTCB ($590,000),
• along with numerous other tokens making up the substantial remainder.

In response to the breach, BingX’s Chief Product Officer, Vivien Lin, confirmed the hack and announced the suspension of all withdrawals to mitigate further risks.

“Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter).

Despite the significant amount lost, Lin assured users that BingX would cover the full amount of the stolen assets with its own capital reserves. Furthermore, she committed that BingX will resume withdrawals within 24 hours. This swift response aims to restore trust and stabilize operations after the incident.

Moreover, this week’s hack at BingX is part of a larger trend of increased attacks on crypto platforms. Just earlier this week, DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported a loss of $5.9 million due to suspicious transactions.

Additionally, last week, the Indonesian exchange Indodax also faced a severe security breach, resulting in a loss of over $20 million. In each instance, the intrusions were identified by blockchain security firms after funds had been illicitly transferred and converted across multiple networks.

Read more: A Guide to the Best AI Security Solutions in 2024

These recurring incidents have spurred calls for enhanced security measures across the cryptocurrency industry. Consequently, experts stress the importance of exchanges and protocols implementing strong security frameworks to protect against the sophisticated tactics employed by hackers today.