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.

All right.

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.

All right.

Sure, here's the translation of your request into English:

"Victoria, please review this analysis and provide feedback. If further analysis is needed, please provide advice."

Is there anything specific you would like to ask or include in your request?