Ethereum (ETH) bobbed at over $2.5K as hackers cleaned out 3M from Deus Finance

Key Takeaways:

  • Leading smart contract platform Ethereum's token traded at $2,600, hinting at a bearish continuation.
  • The weekly chart revealed a more cheerful picture for ETH bulls.
  • Deus Finance hack took over $3 million in ETH and DAI tokens.
Ethereum, Ethereum (ETH) bobbed at over $2.5K as hackers cleaned out 3M from Deus Finance
image from medium.com

YEREVAN (CoinChapter.com) – Ether (ETH), the native token of the Ethereum Network, traded at $2,600 in Tuesday’s New York session, after three weeks of sideways consolidation. Moreover, the token faced a significant support/resistance line while flashing conflicting technicals on the daily and weekly charts.

Ethereum (ETH) daily and weekly charts

The digital asset’s daily price action formed a Symmetrical Triangle that consists of two symmetrically converging trendlines, gradually lowering the price swing. Additionally, the Triangle typically forecasts a continuation of the trend preceding the formation. Thus, if the pattern plays out, it could shave 42% off the token’s value, taking ETH below $1,500 for the first time in a year.

Ethereum (ETH) daily chart, featuring a symmetrical triangle. Source: TradingView.com
Ethereum (ETH) daily chart featuring a symmetrical triangle. Source: TradingView.com

As mentioned, ETH struggled with the resistance level at $2,610, so the upcoming sessions will show if the Symmetrical Triangle’s bearish outlook pans out.

Also read: Ethereum rallies 11% as Goldman Sachs gives clients access to new ETH Fund.

However, the weekly chart didn’t look as grim. A zoom-out to a higher time frame revealed that the Triangle’s lower trendline was a part of a Rising Channel. The latter is neither bullish nor bearish but could be instrumental in determining short-term incentives.

Ethereum (ETH) weekly chart, featuring a rising channel. Source: TradingView.com
Ethereum (ETH) weekly chart featuring a rising channel. Source: TradingView.com

Also read: Ethereum fractal from 2017 suggests ETH would hit $17K this year.

If the Ethereum token holds the Channel’s support, it could gain approximately 100% in value in the upcoming months and retest the setup’s resistance.

Meanwhile, millions of Ethereum tokens were stolen from Deus Finance, a multi-token DeFi marketplace.

Deus Finance heist

In detail, DeFi analytic firm PeckShield specified that the culprits took 200,000 DAI, a dollar-pegged stablecoin on the Ethereum blockchain, and over 1,100 ETH coins.

Also read: Ethereum (ETH) dump ahead? Veteran investor says yes.

Additionally, the analytic firm asserted that the damage could be larger than the originally estimated $3 million. The hackers behind the attack then funneled the stolen tokens using the coin mixer tool Tornado Cash in the Multichain Protocol (previously known as AnySwap).

Deus Finance acknowledged the attack and further stated that both its tokens, DEUS and DEI, weren’t affected.

Lafayette Tabor, the CEO of Deus Protocol, assured the users that the developers would create a new contract. There the affected users could repay their loans.

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Ethereum, Ethereum (ETH) bobbed at over $2.5K as hackers cleaned out 3M from Deus Finance

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