Ethereum Trading By Suspected Hacker Wallet Results in Multi-Million Dollar Loss

Wallet 0x17E0 incurred a $6.9M loss after repurchasing 4,958 ETH at $2,495, above its earlier sale price.

Ethereum is trading at $2,461.98, down 0.62%, with 24-hour volume rising to $17.3B, showing increased market activity.

Technical indicators show MACD narrowing and RSI recovering to 49.21, indicating potential continuation of the uptrend.

Recent blockchain activity has shown significant movement from a wallet believed to be linked to earlier exploit events. Wallet address 0x17E0, suspected to belong to hackers, executed a series of Ethereum transactions involving millions of dollars in assets.

Initial Transaction and Sale Below Current Market Value

According to a Lookonchain post on X, three months ago, this wallet received a total of 12,282 ETH, valued at approximately $23.72 million at the time. These funds were reportedly sourced from THORChain and Chainflip. Shortly after receiving the assets, the wallet sold the entire amount at a price of $1,932 per ETH.

In a new development, just 30 minutes ago, the same wallet repurchased 4,958 ETH at a significantly higher rate of $2,495 per token. The transaction totaled $12.37 million, marking a steep reentry into the market at an increased valuation Based on current prices and the trading history, the wallet now holds a loss of roughly $6.9 million

What is the Current Ethereum Market Trend?

Tracking the ongoing movement as of press, CoinMarketCap data indicates that Ethereum is trading at $2,461.98, down 0.62% in the past 24 hours. The 24-hour trading volume reached $17.3 billion, marking a 26.71% increase

Source: CoinMarketCap

The market cap currently stands at $297.2 billion. The price reached an intraday high of $2,501.80 before declining steadily throughout the session. Volume-to-market cap ratio is at 5.86%, showing moderate trading activity. The chart indicates increased volatility around midnight, which is later followed by a downward move

Ethereum Technical Indicators Signal Possible Continuation of Current Uptrend

Ethereum's daily chart shows signs of stabilizing momentum as key technical indicators display early signals of a directional shift while ETH moves within an upward regression channel that began forming in mid-April. The MACD (12,26) line is currently positioned at 2.95, while the signal line trails at -18.84

Source: TradingView (ETH/USD Chart)

The narrowing spread between the two values reflects decreasing bearish pressure on the price action. Although a crossover has not yet occurred, the declining histogram indicates a possible trend change approaching. Ethereum's Relative Strength Index (RSI 14) stands at 49.21, while its moving average reads 45.94

These levels neutralize ETH, and the recent rebound of the RSI indicator will reflect a departure from oversold. The RSI was touched down close to 30 recently. Since the middle of April, Ethereum has constructed higher lows that bolster upward structure. Whenever the price is trading above the level of 2,200, the channel will still be holding. An established MACD cross and the perpetual uptrend of RSI could serve as a gateway to reach the level of $2,800 temporarily.