Home > Featured > Ethereum [ETH] Remains Bullish despite Hacks on DeFi dapps and Falling Oil Prices

Ethereum [ETH] Remains Bullish despite Hacks on DeFi dapps and Falling Oil Prices


Blockchain is nothing without a community. This has been repeatedly drilled down on us. For newbies, the oldies do nothing but reiterate. However, while the community is vital there are elements within it that are hell bent on causing pain and suffering.

There are geniuses, yes, but their efforts are funneled on black hat tactics.

Their focus, DeFi.

Innovative and disruptive as it is, the tech is at its baby steps. It is primitive but promising. Potent yet vulnerable.

Attacks on DeFi

Earlier, MakerDAO fell prey to zero MKR bids resulting in an $8 million loss. Over the weekend, dForce and UniSwap’s liquidity pool, imBTC bled.

The pool lost $300,000 while dForce had to scratch their heads because of a $25 million dent. The liquidity pool, it has been noted fell because of an exploit on the ERC 777 standard.

A protocol that’s an improvement on ERC-20, it introduced hooks and from here, the hackers retrieved $300,000 of ETH.

On the other hand, the loss at dForce was deeper and more painful.

Hacker Returning Stolen Coins

Good news is that the user faced obstacles due to the centralized nature of dForce’s operation and their inability to withdraw marked coins.

After negotiation, the hacker is reimbursing funds to the project. So far $10 million of ETH has been sent and combined with the previous batch of $10 million of several tokens, the total returned tokens is $23.8 million.

Several sources explain that the hacker either released important metadata that would expose his identify or simply wanted to make a point as a white hat.

ETH/USD Price Analysis

Ethereum Daily Chart for April 22

At the time of press—and coupled with the chaos in the oil futures market, ETH price is up nine percent in the last trading week and stable in the past 24 hours.

 Zooming in on to the daily chart, ETH is largely consolidating against the USD. It is oscillating inside April 18 trade range but buyers are in charge.

As it is, aggressive traders can ramp up in smaller timeframes as long as bulls maintain prices above $150. Reiterated in previous ETH/USD price analysis, this builds a case for buying dips and cements the bullish case for April 6 bulls.

In the immediate term, buyers should target $200 but the move invalidated if prices fall below $150 and $140.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

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