Ethereum's price has shown resilience amidst a turbulent April 2026, which has become the worst month for crypto exploits since February 2025. Despite over $606 million lost across two major hacks, ETH has managed to hold steady above the $2,300 support level, having climbed from around $2,000 earlier in the month.
The two largest attacks dominating April's losses are the Drift Protocol hack on April 1, which involved a $280–$285 million exploit using social engineering and durable nonce transactions on Solana, and the $292 million Kelp DAO exploit on April 18, which targeted a single point of failure in LayerZero’s cross-chain messaging infrastructure. Together, these two incidents account for 95% of April's hack-related losses. Industry-wide losses for 2026 currently stand at $771.8 million.
Adding to the pressure, the attacker behind the Balancer hack, which occurred at the end of 2025 and resulted in over $120 million in stolen cryptocurrency, has resurfaced after five months of silence. The hacker transferred 1,100 ETH (worth approximately $2.55 million) and converted it into Bitcoin via THORChain, a move that complicates traceability. The attacker appears to be splitting the stolen funds into smaller portions and making gradual transfers—a method that resembles a deliberate attempt at money laundering rather than a quick exit.
Ethereum's price currently hovers around $2,318, showing a slight 0.3% daily gain but a 3% decline over the past week, despite a 6% monthly increase. Trading volume has dropped by 27% in the past 24 hours, indicating cautious sentiment among investors. Analyst Ted noted on X that ETH failed to hold the critical $2,400 level, pointing to short-term weakness. He identified the next key support at $2,250, with a further breakdown potentially dragging ETH to lower lows. Some analysts, however, are watching the ETH golden triangle pattern, setting a long-term target of $10,000 above and a floor near $1,950.
