Ethereum Holds Strong Despite $1B Hack, What’s Driving the Resilience?

• ETH remains resilient despite a $1B+ hack, showing only minor declines and hinting at potential strategic accumulation.
• ETH/BTC rebounds after a sharp drop, with rising volume and key resistance at 0.02851 BTC—breakout could trigger further gains.
• Market eyes hacker activity; large ETH liquidations could spark panic, but bullish momentum holds for now.

Daan Crypto Trades X post shows Ethereum surprisingly resilient despite a major $1B+ hack. The price of ETH against Bitcoin (ETH/BTC) is only down by about 1%. Given the broader market sell-off, it appears that the decline would have happened regardless of the hack. 

The fact that ETH remains steady suggests a potential buyback or strategic accumulation by investors. The lost ETH might have to be recovered or purchased back, making full coverage of funds necessary. Binance has provided a temporary bridge loan, but it remains unclear how it will be repaid.

Market Trends and Key Resistance Levels

The ETH/BTC trading pair on Binance shows a 0.36% gain, currently at 0.02807 BTC. The pair experienced a sharp drop earlier but has since rebounded. A failed breakout attempt at 0.02851 BTC led to selling pressure, driving the price lower. However, a steady recovery followed, with multiple higher lows and highs, reflecting renewed bullish sentiment.

Volume has been increasing, suggesting strong market participation. The immediate resistance level remains at 0.02851 BTC. If ETH pushes through, further gains could be expected. On the downside, support is around 0.02770 BTC, aligning with the recent higher lows

Price Recovery and Future Market Outlook

ETH has rebounded from its recent decline, with buyers stepping in at lower levels. The short-term trend now leans bullish, with accumulation patterns forming. Besides, the increasing trading volume suggests active positioning among market participants. Moreover, the price movements align with market cycles, featuring accumulation, breakouts, and pullbacks.

However, if the price fails to break the 0.02851 BTC resistance, consolidation might follow. Conversely, a successful breakout could drive further upside momentum. Additionally, concerns remain about how the stolen ETH will be handled. If hackers liquidate large amounts on decentralized exchanges, panic selling could occur. For now, ETH maintains relative strength despite external pressures.