Will $ETH Price Lose $2K Line As Hackers Launder $49M via Tornado Cash? - CoinGape Analytics

Irma - Sep 8 - - Dev Community

Ethereum's price rose 1.37% to $2307 during a weekend rally, following a major drop over the last two weeks. However, ongoing cybercrimes targeting the Ethereum ecosystem have increased bearish momentum, with a possible breakdown below $2000 looming. The recent uptick may give sellers a chance to regain control.

In September, cybercriminals sent over 20,561 ETH ($49.3M) to Tornado Cash, fueling fear in the market. The Ethereum price dropped 16% from $2564 to $2150. Notable exploits include the Penpie hack and WazirX exploiter, holding 88% of the stolen ETH. These events have spurred security concerns and market FUD.

Ethereum’s chart shows an 18.45% loss from $2820 to $2300, with potential support levels at $2100 and $2000. A test at $2000 could spark a bullish reversal, but a breakdown might lead to further declines. The RSI indicates possible bullish momentum at these levels.

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