Ethereum (ETH) has fallen by 35% since December 2024. The Ethereum price follows an ascending support trend line. Can ETH bounce above the $2,500 support,

Ether ( ETH) price dropped 5% on Feb. 24, despite reports that crypto exchange Bybit acquired $740 million worth of ETH from the open market. Some traders expected a price rebound after the Feb. 21 hack, anticipating that Bybit’s purchases to cover losses would push prices higher. However, this scenario did not materialize.

Bybit CEO Ben Zhou confirmed in an X post on Monday that the exchange has 100% closed the reserve gap from its hack on Friday, where the North Korean Lazarus Group stole about $1.44 billion worth of ETH. The gap was closed through loans, whale deposits and over-the-counter (OTC) ETH purchases.