Ether needs a break above the key $3,000 psychological level to reverse its two-month downtrend, which now hinges on investor sentiment following the largest financial hack in crypto history.

The 30-day simple-moving average of Ethereum netflows ... For context, when the MVRV ratio dropped to 0.8 on Oct. 18, 2023, Ether registered a local bottom near $1,600, followed by a bullish ...