Ethereum Rises Above $2,300 Amidst $606M in Hacks

The cryptocurrency market has been hit by two major hacks in April 2026, resulting in losses of over $606 million. According to reports, the Drift Protocol hack on April 1 involved a $280-$285 million exploit using social engineering and durable nonce transactions on Solana, while the Kelp DAO exploit on April 18 targeted a single point of failure in LayerZero's cross-chain messaging infrastructure.

The total losses for the year now stand at $771.8 million, with both attacks linked to North Korea. However, despite these significant setbacks, Ethereum's price has risen from $2,000 to above $2,300.

Analysts attribute this resilience to the blockchain's golden triangle chart formation, which has held intact since 2017 and has survived previous crashes, including the COVID-19 pandemic and the 2022 bear market. However, the setup is now increasingly compressed, with high-leverage long positions concentrated around certain levels.

The market is now at a critical juncture, where a break either above or below $4,350 or $1,950 could have significant consequences. A move above $4,350 could open up a measured target of $10,000, while a break below $1,950 would crack nine years of market structure.