- Bybit’s $441M ETH buyback has helped recover nearly half of the stolen assets, stabilizing Ethereum’s price despite the $1.4B hack.
- Ethereum remains below the $2,800 resistance, with RSI at 44.49. A breakout above $2,800 could shift momentum toward $2,900.
- Bybit still needs 300K ETH to cover losses. Continued buybacks may drive volatility, influencing Ethereum’s short-term price movement.
Bybit had a major security breach on February 21, losing over $1.4 billion in liquid staked Ether and other assets. The North Korean linked Lazarus Group was reportedly behind the attack, making it one of the largest crypto thefts ever.
Despite this, Ethereum prices showed resilience, rebounding by 5.38% within two days. A big factor behind this recovery is Bybit’s continued efforts to buy back lost Ether. Since the attack, the exchange has purchased approximately $441 million worth of ETH, recovering nearly half of the stolen amount.
Bybit’s Buyback and Market Impact
According to Lookonchain, Bybit has secured approximately 446,870 ETH, valued at $1.23 billion, through loans, whale deposits, and direct ETH purchases.
The exchange has substantially reduced the deficit caused by the hack, boosting market confidence in Ethereum. Crypto Rover noted that Bybit still needs to acquire an additional 300,000 ETH.
This substantial buyback could influence market prices by increasing demand. If the buyback continues, Ethereum may see further price stability or an upward trend. Monitoring Bybit’s actions is essential, as large-scale purchases can shift market sentiment.
A rise in buying pressure often leads to increased volatility, affecting short term price movements. Bybit’s aggressive recovery strategy is factor in Ethereum’s price behavior leading up to end of February.
Current Market and Technical Indicators
Ethereum has had a downtrend, with the current price at $2,716.82, down from the previous closing price of $2,819.70.
The price traded between a high of $2,839.95 and a low of $2,691.49. The decline of 3.65% indicates continued bearish momentum. The RSI is at 44.49, below the neutral 50 level. This suggests Ethereum remains in bearish level but is not oversold.
However, the RSI is trending upwards, indicating potential stabilization or recovery. The MACD line is below the signal line, confirming bearish sentiment, but the histogram turning positive hints at a possible bullish crossover.
Trading volume is steady at 257.96K ETH, indicating moderate market activity. A significant volume increase would be necessary to confirm a trend reversal and support upward price movement.
Projected ETH Price Movement
Ethereum is trading below both the 50 day moving average at $2,889 and the 200 day moving average, a bearish trend.
A previous rally saw ETH surge past $4,100 in late 2024 before declining sharply in early 2025. The break below $3,000 was the start of continued losses, with the price now hovering around $2,700. Ethereum’s price could range between $2,650 and $2,850.
A failure to break the $2,800 resistance level could lead to a retest of $2,600. However, if buying pressure increases, Ethereum might aim for the $2,800-$2,900 range. Bybit’s buyback strategy remains an important factor influencing ETH price trends in the near term.
