Is the Ethereum Price Rise Due to the Infini Hack? Will the Bullish Momentum Fade Soon?

The market volatility is expected to increase as it is on its way to the end of monthly trade; However, the rise in volatility has strengthened the bears. Bitcoin slid again below $ 96,000, but the wider markets remained stable because Ethereum demonstrated strength. The second largest token lasted higher than $ 2,700 and showed an unconventional price action against Bitcoin. That is why the current trade set -up is in favor of the bulls, with the aim of reclaiming the local highlights to $ 3000.

In the middle of the rising bullish sentiments, there could be a possibility that the current revival becomes a rise in the short term that can catch the bulls. In a recent update, a crypto-oriented Neobank, Infini, is said to have an exploit worth more than $ 49.5 million. These stolen funds were exchanged to Dai and were used to buy ETH, which increased the purchasing pressure over the token.

As a result, the ETH price has been scaled up to rise higher above $ 2840 and led to a remarkable sales pressure. The price is currently struggling to maintain more than $ 2700 as the upward pressure has increased, which can probably be due to millions of ETH that is sold by the popular exchange, Binance.

Although the possible reasons for the landfill are not clear at the moment, some people think it is a conventional shock of Monday-Tunesday and later the entire week to be in green. In the meantime, speculation is also being made as a strategy for making market, which can be part of a larger strategy. So what is the next step for the ETH price rally – a short squeeze or a continuous falling trend?

Ethereum (ETH) Price analysis

Ethereum -Prize defends the increasing support that has been a strong support in the last 5 months. In the past weekend the price jumped above the support zone and the resistance almost knew $ 2,772. In the meantime, the bulls did not come to the power to keep the momentum to drag the levels above $ 2,900, causing a decrease of less than $ 2,700 at the moment. Currently, the deliberately increasing buying pressure on Ethereum fades, which can be a matter of care for the second largest token.

The graph above shows that the mounted purchasing pressure fades, because the price has printed a huge bearish candle after he has not reached $ 2900. The CMF saw a sudden drop below 0 pointing to a huge signal of market weakness. In addition, the +DI & -Di from DMI were about to undergo a bullish crossover, but have deviated from each other. That is why the ETH price is now approaching the rising trend line nearly $ 2650 and if it is not defended, it can go to the lower support zone between $ 2567 and $ 2541.

However, the Ethereum price will probably not test this support zone, because the rising support could offer a strong bullish momentum to activate a strong rebound to the broken resistance at $ 2,772.