The second largest cryptocurrency, Ethereum (ETH), was seen making headlines. Sadly, the reason behind this wasn’t very good. Prominent cryptocurrency exchange Bybit was hit with a massive theft of $1.5 billion in Ethereum. Amidst this hack, the price of the altcoin was seen plummeting. February has been a challenging month for the asset as it dipped below $3,000. The community is hoping that ETH could witness a change in trend and move beyond $3,000 in March 2025.
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How Far Is Ethereum From The $3,000 Level?
Ethereum recorded a massive dip of 17.77% throughout the month of February. The asset went from trading at a high of $3,437.57 down to a low of $2,159.28. At the time of writing, ETH was priced at $2,700.54, following a nearly 4% drop in its price over the past 24 hours.
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In order to reclaim $3,000, Ethereum will have to surge by over 11%. As the Bybit was seen closing the gap on its hack losses, the asset could start recovery. Lookonchain stated on February 24 that since the theft, the exchange had received around 446,870 ETH, valued at approximately $1.23 billion, through loans, whale deposits, and ETH purchases.
Latest Update: Bybit has already fully closed the ETH gap, new audited POR report will be published very soon to show that Bybit is again Back to 100% 1:1 on client assets through merkle tree, Stay tuned. https://t.co/QLa1vOujM6
— Ben Zhou (@benbybit) February 24, 2025
March Price Prediction
According to data from CoinCodex, Ethereum will indeed reclaim the $3,000 mark. With a predicted change of 5.17% from current rates, analysts anticipate that the price of ETH will increase in March. The asset may average about $2,839.73, with a high of $3,440.79 and a low of $2,277.10. In addition, the potential return on investment stands at 27.43%.
Despite this possible rise in the coming month, ETH remains at a distance from its all-time high. About three years ago, in 2021, the largest altcoin hit an all-time high of $4,891.70. Currently, Ethereum is trading nearly 45% below this mark.
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