On Feb. 24, Ether’s price declined by 5%, despite reports that the crypto exchange Bybit had purchased $740 million worth of ETH from the open market. Many traders had anticipated a price recovery following the Feb. 21 hack, expecting Bybit’s acquisitions—potentially aimed at covering losses—to drive prices higher. However, this failed to materialize. Additionally, Ether futures open interest fell from 8.82 million ETH on Feb. 23 to 8.52 million ETH on Feb. 24, indicating that traders were closing leveraged positions. Notably, forced liquidations remained relatively modest at $34 million, suggesting a broader shift in market sentiment rather than a liquidation-driven downturn.
At the time of writing, ETH was trading at $2,497.
After making a monthly low of $2,125 on Feb. 3, ETH staged a relief rally to $2,888. Following this move, the asset consolidated, trading within a range of $2,550 to $2,850. ETH eventually broke the range to the downside, with prices dropping to $2,458. The asset has strong support at $2,350 and $2,150, while the $2,800–$3,000 zone will act as strong resistance.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,150 | $2,350 | ETH | $2,800 | $3,000 |
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