Although the funds lost in the hack represented a significant amount, it was only a fraction of the amount lost in the infamous Ethereum DAO hack.had serious work to do for ensuring the highest level of security to prevent such events from occurring again in the future. Concerns may also arise over how the event could affect the validators and the level of trust within the Ethereum ecosystem.
Additionally, such incidents often have a negative impact on the price of the underlying asset. A look at ETH’s price action revealed a relatively subdued price performance.. ETH was seen hovering between the $1,700 to $1,850 price range over the last few days.A range exit could be in the works, so let’s look at what to anticipate depending on the outcome. The latest resistance level stood near the 0.786 Fibonacci level.
A bullish breakout could result in the next Fibonacci retest at the $2,055 price level. On the other hand, a strong bearish outcome may trigger a support retest bear the 0.618 Fibonacci level which may coincide with the $1,600 price range.Some of ETH’s metrics underscored a lower confidence in the market. For instance, both the dormant circulation and development activity metrics were at their lowest four-week levels at press time.
The sharp drop in daily active addresses also confirmed the market’s reaction after hitting a resistance wall.The eventual outcome, however, would depend on a variety of factors such as a resurgence of bullish demand, or a massive sell off and the market’s overall outcome. But with theRead the best crypto stories of the day in less than 5 minutes
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