Ether eyes $4,700 as the $4,250 support holds; Check forecast

Key takeaways

  • ETH has bounced back from the $4,250 low and is now trading around $4,470 per coin.
  • The coin could rally towards the $4,700 mark soon as bulls intensify recovery efforts.

ETH bounces back above $4,400

The cryptocurrency market closed August bearish as Bitcoin and Ether tested new lows. Bitcoin, the leading cryptocurrency by market cap, tested the $107k low before bouncing back to now trade above $108k.

Ether also dropped to the $4,200 level, finding support around $4,250. It has now recovered nicely and is trading at $4,480 per coin. The bearish performance comes just a few days after Ether hit a new all-time high of $4,953. 

With the recent support holding, Ether could rally higher in the short to medium term as analysts predict the coin to hit $6k over the coming weeks or months. 

Ethereum targets $4,700 as $4,250 support holds

The ETH/USD 4-hour chart remains bullish and efficient, thanks to Ether recently hitting a new all-time high. ETH failed to maintain its upward momentum and dropped to the $4,200 region over the weekend. 

At press time, ETH has recovered slightly and is trading above $4,400 per coin. The RSI of 52 shows that Ether is still in the positive territory, with the MACD lines also suggesting a bullish sentiment. 

ETRH/USD 4H Chart

Closing above the next daily resistance at $4,488 could see Ether target the $4,700 level over the next few hours. An extended bullish run would allow Ether to move past its all-time high of $4,953 and set a new high above $5. 

However, if Ether faces a correction and declines below the daily support at $4,232, it could extend the decline to retest the next support and TLQ level at $4k. This level could prove critical as failure to defend it could see ETH test the August low of $3,300.

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Crypto hacks in August hit $163 million as exchange risks grow

  • The largest theft was $91.4 million from anonymous Bitcoin addresses.
  • Other victims included Odin.fun ($7 million), BetterBank.io ($5 million), and CrediX Finance ($4.5 million).
  • Weak audits, human error, and fast platform launches are driving security risks.

The digital asset industry faced another blow in August as hackers stole $163 million across 16 separate incidents, according to blockchain security firm PeckShield.

This was a jump from July’s $142 million, showing how attacks are becoming more frequent and technically advanced.

The largest theft was $91.4 million from multiple anonymous Bitcoin addresses, underlining the vulnerability of individual investors as well as institutions.

Beyond the immediate financial loss, these incidents raise questions about the security of centralised platforms and the long-term impact on investor trust in the wider crypto market, which continues to expand globally.

$54 million BtcTurk hack highlights exchange weaknesses

One of the biggest cases in August was the breach of BtcTurk, Turkey’s leading crypto exchange, which lost $54 million.

This incident was particularly notable because the same platform had already been hit in June 2024 for another $54 million, bringing its total annual losses above $100 million.

BtcTurk confirmed that unauthorised access had been detected, affected wallets were frozen, and investigations with local authorities were underway.

The repeat nature of the attack highlights how centralised exchanges remain a high-value target, with security defences proving inadequate against persistent attackers.

Other platforms lost $17 million in separate cases

While BtcTurk dominated headlines, smaller but still damaging attacks hit other platforms. Odin.fun lost $7 million, BetterBank.io suffered $5 million in losses, and CrediX Finance was drained of $4.5 million.

These examples show how cybercriminals are not only targeting major exchanges but also smaller platforms, often exploiting weak security audits or untested systems.

The cumulative effect of these breaches demonstrates how no level of the crypto ecosystem is safe from exploitation, whether through technical loopholes or basic operational oversights.

Human error and lack of audits fuel rising attacks

PeckShield’s data shows that the crypto sector’s rapid growth is directly linked to the rising number of hacks. New platforms and protocols are often launched quickly without thorough security reviews, giving attackers multiple entry points.

Alongside structural weaknesses, human error continues to play a major role. Users failing to enable two-factor authentication, relying on weak passwords, or falling victim to phishing scams leave both exchanges and personal wallets open to compromise.

The combination of technical flaws and behavioural lapses is creating an environment where cybercrime thrives, forcing exchanges and investors to reconsider their defences.

Regulatory authorities in multiple jurisdictions have noted these trends, pointing to the need for stricter compliance checks.

Bitcoin dips as investor confidence weakens

The impact of these hacks has extended into the wider market. Bitcoin (BTC) slipped 0.29% in the past 24 hours to trade at $108,361.50, with a market capitalisation of $2.15 trillion.

Bitcoin price
Source: CoinMarketCap

Analysts warn that repeated breaches could slow mainstream adoption, as every incident erodes investor confidence and strengthens the case for stricter regulations to protect consumers and stabilise trading activity.

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