Bybit Ethereum Theft Case Concludes: Can ETH Price Stage a Rebound?

TradingKey - The Bybit theft case has temporarily concluded, but instead of rising, ETH's price has fallen. Will it drop below the $2,000 mark?  

On Tuesday, according to on-chain data, the 499,000 ETH (approximately $1.39 billion) stolen by hackers from Bybit has been fully laundered through THORChain, with the platform earning $5.5 million in fees.

Despite this negative news coming to an end, Ethereum's price did not rise but instead experienced a significant drop. Over the past 24 hours, ETH's price has plummeted nearly 18%, temporarily trading at $2,048.

ETH Price Chart, Source: TradingView.

Early this morning, U.S. President Trump's comments on trade tariffs triggered a sharp decline in Bitcoin's price, dragging ETH down as well. Currently, ETH is approaching the critical $2,000 support level. There is no need for excessive panic, but close attention should be paid to the first White House Crypto Summit this week.