Today, the cryptocurrency market witnessed significant on-chain activity involving two major Ethereum transactions by hackers linked to high-profile exploits. According to data shared by Lookonchain on May 22, 2025, the Cetus hacker purchased 21,938 ETH, equivalent to $58.3 million, at an average price of $2,658 per ETH. Simultaneously, the hacker responsible for stealing $300 million from Coinbase users sold 26,762 ETH, worth $69.25 million, at an average price of $2,588 per ETH. These contrasting moves—buying and selling substantial amounts of ETH within a tight price range—raise questions about market timing, sentiment, and potential insider knowledge. As of 10:00 AM UTC on May 22, 2025, Ethereum was trading at $2,620 on major exchanges like Binance and Coinbase, reflecting a slight dip of 1.2% over the previous 24 hours, based on real-time market data. Trading volume for ETH across spot markets surged by 15% during this period, reaching $18.4 billion, indicating heightened activity possibly driven by these large transactions. The timing of these trades also coincides with broader market uncertainty, as the S&P 500 futures were down 0.3% at 9:00 AM UTC, signaling risk-off sentiment in traditional markets that often correlates with crypto volatility. This event provides a unique lens to analyze Ethereum’s price action, whale behavior, and cross-market dynamics for traders seeking actionable insights.

From a trading perspective, the Cetus hacker’s buy at $2,658 suggests confidence in a potential ETH price rebound, while the Coinbase hacker’s sell at $2,588 may indicate bearish sentiment or profit-taking after holding stolen assets. As of 12:00 PM UTC on May 22, 2025, ETH’s price hovered around $2,615, showing a minor recovery of 0.5% from the day’s low of $2,580 recorded at 8:00 AM UTC. For traders, this creates a short-term range-bound opportunity between $2,580 and $2,660, with breakout potential depending on broader market cues. The high trading volume of $18.4 billion in the last 24 hours, as reported by major exchanges, underscores strong liquidity, making ETH pairs like ETH/USDT and ETH/BTC attractive for scalping or swing trading. Additionally, on-chain metrics reveal that Ethereum’s net exchange inflows spiked by 35,000 ETH between 9:00 AM and 11:00 AM UTC on May 22, 2025, per data from blockchain analytics platforms, suggesting selling pressure that aligns with the Coinbase hacker’s move. Meanwhile, the correlation between ETH and stock market indices like the Nasdaq, which dropped 0.4% by 11:00 AM UTC, highlights how macro risk aversion could cap ETH’s upside unless bullish catalysts emerge.

Diving into technical indicators, ETH’s Relative Strength Index (RSI) on the 4-hour chart stood at 48 as of 1:00 PM UTC on May 22, 2025, indicating neutral momentum with room for either direction. The 50-day moving average (MA) at $2,600 acted as immediate support, while the 200-day MA at $2,700 remains a key resistance level to watch. Volume analysis shows a spike in ETH/USDT trading on Binance, reaching $5.2 billion in the last 24 hours as of 2:00 PM UTC, reflecting strong retail and institutional interest. Bollinger Bands on the daily chart suggest ETH is trading near the lower band at $2,550, hinting at a potential reversal if buying pressure builds. From a stock-crypto correlation standpoint, the S&P 500’s 0.3% decline as of 9:00 AM UTC mirrors ETH’s intraday weakness, with institutional money likely rotating out of risk assets. Crypto-related stocks like Coinbase (COIN) also dipped 1.5% to $220.50 by 11:30 AM UTC, per market data, signaling bearish sentiment spilling over. However, if the Cetus hacker’s buy sparks whale accumulation, ETH could test $2,700 within 48 hours. Traders should monitor on-chain wallet activity and stock market closes for directional cues.

In terms of institutional impact, these hacker trades highlight how large-scale ETH movements can influence market psychology. The Coinbase hacker’s sell-off of 26,762 ETH at $2,588 likely contributed to the 35,000 ETH exchange inflow spike noted earlier, adding downward pressure. Conversely, the Cetus hacker’s $58.3 million buy could attract sidelined capital, especially if correlated with positive stock market reversals. As of 3:00 PM UTC on May 22, 2025, ETH’s open interest in futures markets rose by 8% to $12.1 billion, per derivatives data, indicating growing speculative interest. For traders, this cross-market dynamic offers opportunities in ETH pairs and crypto ETFs like Grayscale’s ETH Trust, which saw a 2% volume increase to $45 million by 2:30 PM UTC. Risk appetite remains fragile, but precise entry points near $2,600 with tight stop-losses could capitalize on volatility driven by these whale trades and stock market sentiment.