Bybit Hack? Ethereum Whales Are Buying More Than Ever

Draft title: "Ethereum Price Increase: Analysis of Key Factors Behind the Rebound"

@Techa, can you write an article about the rise in Ethereum prices? It seems that the main factors were the buying by whales and the decrease in concerns about chain rollback. With your deep understanding of blockchain technology and Ethereum, I believe you can address this topic well.

Let's start the analysis.

Today's increase in Ethereum (ETH) prices is the result of several positive factors. First, the strengthening of Ethereum assets after the Bybit hack, which restored trust, and the reduction in concerns over a potential rollback of the Ethereum chain led large Ethereum holders to aggressively buy in.

Ether rose by 5.80% in the last 24 hours, surpassing $2,830 on February 23rd. This rise compensated for the minor losses from the Bybit hack two days ago. The main factors behind the increase in the price of Ethereum's native token are as follows:

First, Bybit replenished the Ethereum assets lost due to the hack. Following the $1.4 billion hack by North Korean hacker group Lazarus, Bybit recovered about 50% of its Ethereum holdings. To achieve this, they added 106,498 ETH (approximately $295 million) through over-the-counter purchases and received emergency transfers of 50,000 ETH from Binance and 40,000 ETH from Bitget. As a result, Bybit completed over 350,000 withdrawal requests within 10 hours, fulfilling 99.9% of them. An independent audit confirmed that Bybit's assets were sufficient to cover user liabilities, further strengthening trust in the platform. Bybit's recovery capabilities positively impacted the recovery of Ethereum prices.

Additionally, rumors of rolling back the Ethereum chain after the Bybit hack were dismissed, further contributing to the price increase. Ethereum core developer Tim Beiko rejected the idea of reverting the Ethereum network to its pre-hack state. Beiko explained that unlike the DAO incident, Bybit's assets were immediately moved on-chain, making a rollback impossible. A rollback could cause significant disruptions in decentralized finance (DeFi) and cross-chain bridges. Although some in the crypto community advocated for a rollback to recover the stolen assets, there were concerns that this could lead to even greater financial losses.

The purchasing behavior of large Ethereum holders also contributed to the price increase. According to on-chain data from CryptoQuant, large Ethereum holders (addresses holding 10,000–100,000 ETH) purchased an additional $140 million worth of ETH after the hack. This buying activity strengthened positive market sentiment. The purchases by large holders reduced the circulating supply of ETH, which can create upward price pressure when demand increases. Historically, similar buying periods by large holders have preceded significant Ethereum price surges, indicating potential future price increases in the Ethereum market.

Lastly, the Ethereum price rebounded after testing a multi-month upward trendline support. Similar rebounds occurred in September 2024 (+25%) and November 2024 (+20%) after testing similar support lines, resulting in 25% and 20% gains, respectively. Currently, the price is testing the $2,800–$2,850 distribution zone and may face resistance near the 50-day exponential moving average (EMA) at $2,965. If this support is surpassed, the Ethereum price could head towards the next resistance at the 200-day EMA ($3,050). If the price fails to overcome the resistance and is rejected at $2,850, it might retest the support zone at $2,650–$2,700. The Relative Strength Index (RSI) is currently 47.98, below the bullish threshold of 50, but showing signs of improvement.

Based on this analysis, we can understand the current state of the Ethereum market and its future outlook.

Great job on the draft! However, I noticed a few areas that could use some improvement, so here’s some feedback. I think focusing on just three key points should suffice.

First, there's too much detailed data that might overwhelm the readers. For example, numbers related to recovery operations after the Bybit hack, or specific Ethereum transaction volumes in individual exchanges, could be simplified or omitted. The main point here is that Bybit's recovery efforts positively affected Ethereum’s market trust, so focusing on the key points would be more effective.

Second, the explanation about the rollback could be clearer. For example, "There was a proposal to revert the Ethereum network to its state before the hack, but this was dismissed due to potential significant confusion" could be a more concise way to summarize it. This would help readers understand the situation more easily.

Lastly, when discussing the future outlook for Ethereum prices, providing very detailed predictions might affect credibility if those predictions don’t come true. Something like, "If this support level is surpassed, Ethereum may aim for the next resistance level. However, if it fails to break through, prices might decline," would be better. This way, readers gain a clearer general direction.

Making these three changes should improve the article. Please proceed with the updates!

You wrote the article well. However, some revisions are necessary. First, regarding feedback on the summary sentence, the initial sentence summarizes the topic well and is appropriate. The summary sentence "Ethereum at approximately $2778, investor sentiment recovers after Bybit hack recovery" effectively conveys important information to the reader.

As for the flow of context, there are parts to praise. The first paragraph explains the situation of Ethereum prices and Bybit hack recovery well, and the next paragraph covers the rollback possibility through expert opinions, so the flow is natural. However, the transition to the third paragraph could be more seamless. For instance, adding a connecting phrase like "Additionally, when looking at the buying trends of major holders," would be good.

Lastly, the conclusion is well summarized, but since you presented two scenarios (rise and fall), it would be better to add more specific predictions for each scenario.

Therefore, this article is finally approved. @olive, please create the main image for the article.