Ethereum Price Plunges Below The $170 Level After Hackers Stole 7,000 Bitcoins from Binance

Security is of utmost importance, and every blockchain and cryptocurrency projects know that. This is why most of them have been working hard to improve the security of their platforms. The recent crypto news in the industry is the hack of Binance – the most dominant digital currency trading platform in the world. Yesterday, hackers stole over 7,000 Bitcoins worth about $41 million from Binance. This has greatly affected the digital currency market. Almost all the top coins are now in the red. The price of Ethereum (ETH) is also in the red. Not only is it in the red, it just broke below the short-term Ethereum price prediction it attained. Bullish Ethereum news today might be what Ethereum needs to hit the Ethereum price forecast again.

Binance Loses About $41 Million to Hackers – the Price of Ethereum Responds Negatively to this News

May 7th isn’t such a good day in the digital currency space. Binance discovered a huge scale security breach yesterday. They found out that hackers had access to two-factor authentication, user API keys, and other vital information. This incident was disclosed via a letter by the CEO of Binance – Changpeng Zhao. He said the hackers were able to withdraw about $41 million in Bitcoin.

Several accounts may have been affected. However, the trading platform has not yet identified the affected accounts. According to a statement by Binance, the breach only affected the hot wallet of Binance, which holds about 2% of the total Bitcoin (BTC) holdings of Binance. They said their other wallets are safe and secure. In a statement, the CEO said:

The hackers had the time to wait and carry out well-planned actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we weren’t able to stop the transaction before it was executed.”

This crypto news today has greatly affected the entire digital currency space. Almost all the cryptocurrencies in the market are now responding to the news. The price of Bitcoin (BTC) is down below the $6k level, and the altcoin market is following the same trend.

Ethereum Price Analysis – Ethereum Price Prediction – Ethereum Price Forecast – Ethereum News Today – ETH USD Price

The price of Ethereum (ETH) recently broke over the $180 level, our short-term Ethereum price prediction. ETH USD price was heading towards the $200 level but it lacked bullish momentum to do so. Sellers showed up close to the $184 level and the price of Ethereum plunged below the $175 support level. This massive plunge was triggered by the bearish cryptocurrency news today. The price of Ethereum plunged further and broke below the 61.8 percent Fibonacci retracement level of the previous swing from the low of $160 to the high of $184.

Finally, the ETH USD price found support close to the $164 level before it started consolidating higher. At the press time, the immediate support for Ethereum is at the $175 level. On the upside, the immediate resistance is at the $180 level.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$242.45
-3.92%

At the press time, the ETH USD live price is $177 after a decrease of about five percent over the past day. The current market cap of the digital currency is $17.96 billion. The trading volume of the digital currency over the past twenty-four hours is $7.78 billion.

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