Why is Ethereum (ETH) price up today?

Ether has jumped 5.80% in the last 24 hours to reach over $2,830 on Feb. 23, wiping out the minor losses incurred following the Bybit hack two days ago.Key drivers behind the Ethereum native token’s upside moves are:Bybit replenishing ETH reserves following the hack.Ethereum core developer rubbishing rollback rumors.Large holders buying Ether aggressively.Bybit ETH reserves replenished post-Lazarus hackEther’s price gains coincide with Bybit restoring nearly 50% of its ETH reserves following the $1.4 billion hack attributed to North Korea’s Lazarus Group.Key points to know:Bybit replenished its Ether holdings with over-the-counter purchases totaling 106,498 ETH (~$295 million) and emergency transfers from Binance (50,000 ETH) and Bitget (40,000 ETH).Despite the attack, Bybit processed over 350,000 withdrawal requests within 10 hours, with a 99.9% completion rate.Independent audits confirm that Bybit’s reserves remain sufficient to cover user liabilities, reinforcing trust in the platform.The replenishment of Bybit’s reserves has supported Ether’s price recovery, with analysts interpreting Bybit’s resilience as a positive sign for the crypto market.Analyst Ted Pillows says: “ETH is holding above the support trendline [as] yesterday's hack didn't result in new lows […] I'm more than convinced that 2025 will be the year for Ethereum.”Ethereum developer slams rollback rumorsEther’s price gains further coincide with the diminishing possibilities of Ethereum’s chain rollback post the Bybit hack.What to know:Ethereum core developer Tim Beiko dismissed calls to revert the Ethereum network to its pre-Feb. 21 state.Beiko explained that unlike The DAO exploit, which had a built-in failsafe, Bybit’s funds were instantly moved onchain, making a rollback impractical.He warned that a rollback would cause massive disruptions across decentralized finance (DeFi) and crosschain bridges.Earlier, crypto figures like Samson Mow and Arthur Hayes had advocated for reversing the hack to recover stolen funds, causing ETH price to suffer. Yuga Labs’ 0xQuit stated that reversing the hack could cause more financial losses than the original theft.Bybit CEO Ben Zhou suggested a community vote might be the best way to decide on potential actions.Ethereum whales add ~$140M in ETH after hackLarge Ethereum holders (10K–100K ETH addresses) have accumulated approximately $140 million in ETH since the Bybit hack, according to on-chain data resource CryptoQuant.Why it matters:The Bybit hack initially caused uncertainty, but as the exchange replenishes reserves and whales reload their wallets, market sentiment has improved.Increased whale accumulation reduces ETH’s circulating supply, potentially creating upward pressure on price as demand rises.Previous whale accumulation phases (2017, 2020) preceded significant ETH price rallies, hinting at a potential bullish breakout ahead.The market’s reaction suggests most traders see the hack as an isolated event with no long-term impact on Ethereum’s fundamentals.Ether price bouncing from multimonth supportEther’s gains today appear after testing a multimonth ascending trendline support that has historically led to short-term price rebounds.Things to know:Similar trendline tests in September 2024 (+25%) and November 2024 (+20%) led to a 25% and 20% rebound, respectively, signaling strong accumulation sentiment.ETH is currently testing the red distribution zone (~$2,800–$2,850), which previously acted as resistance.The 50-day exponential moving average (50-day EMA; the red wave) near $2,965 appears to be the Immediate resistance if ETH breaks the distribution zone.Breaking above the 50-day EMA positions ETH price for a rally toward the 200-day EMA (the blue wave) at around $3,050.If ETH gets rejected at $2,850, a retest of trendline support (~$2,650–$2,700) is likely.The Relative Strength Index (RSI) is rising, currently at 47.98, suggesting improving momentum but still below the bullish threshold of 50.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.