Ethereum just breached the $2,300 price level again, but a coordinated wallet drain sent fresh shockwaves through an already fragile market. The full scope of the damage is still emerging, and what’s confirmed so far is enough to rattle even long-term holders.
BSCN flagged on May 1 that assets from hundreds of wallets on the Ethereum mainnet, including some dormant for over seven years, were simultaneously moved to a single address. The transaction pattern points to a single attacker exploiting what may be a previously unknown vulnerability.
Security researchers are actively tracking the address and fund flows, with activity reportedly still ongoing.
Is this an isolated incident, or the opening move of something larger?
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Can Ethereum Price Hold $2,300 Next Week?
ETH’s current setup offers little comfort. At $2,300, the asset sits just below its SMA 5 of $2,308, SMA 10 at $2,320, and its SMA 21 at $2,312. Critically, its 200-day moving average, $2,755, is also flashing sell signals. The only technical bright spots are the SMA 50 and SMA 100, which are currently providing marginal support from below.
Arguably, Ethereum and the whole crypto market have been flatlining sideways for months now, signaling potential seller exhaustion. But exhaustion alone doesn’t produce a reversal. But then again, the Moving Averages indicator shows buy.
Derivatives compound the concern with long positions dominating futures, but negative funding rates indicate waning conviction behind those longs.
The current play will depends if ETH can hold its $2,200 support. If it is, the Ethereum price would likely stabilize above $2,300 and retest $2,400. A consolidation above $2,400 opens a longer path toward $2,700 recovery targets.
However, if the root cause of the vulnerability isn’t identified quickly, security premiums will narrow and asset rotation will accelerate.
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Bitcoin Hyper Targets Bitcoin Level Security
When Ethereum’s security narrative fractures, capital doesn’t vanish; it rotates. And right now, some of that rotation is flowing toward infrastructure plays built on stronger technical foundations.
Bitcoin Hyper ($HYPER) is positioned directly in that window. The project is the first Bitcoin Layer 2 to integrate the Solana Virtual Machine, delivering sub-second finality and low-cost smart contract execution while preserving Bitcoin’s underlying security model.
Hyper is addressing Bitcoin’s core limitations of slow transactions, high fees, and absent programmability in a single architecture.
The presale has already raised $32.5 million at a current price of $0.0136, with staking available for early participants.
Bitcoin Hyper presale details are available here.
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