Ethereum Crash: The Binance Hacker Sits on 195,000 ETH. Is a Sell-Off Coming?

Ethereum is under double pressure after the suspected Binance hack. On Thursday night Ether fell from $2,313 to $2,251, down 2.6% within an hour. The bigger risk is still ahead: according to Etherscan about 195,460 ETH sit on an attacker address, worth more than $440 million at 21:25 UTC. Tether and Circle have frozen most of the stolen stablecoins, but Ether cannot be frozen. If the attacker sells, the price takes the hit directly. We calculate how large that pressure really is, which levels matter now and why Ethereum itself was not hacked.