Hackers stole over $1.4 billion in cryptocurrency from the Bybit exchange on February 21, marking the largest digital asset theft in history. The North Korean group Lazarus is suspected of the attack.

Bybit responded with a large-scale buyback—106,498 ETH worth $295 million through OTC trades. This helped partially restore reserves and led to a 5.38% increase in ETH’s price over two days.

After peaking above $4,100 in December, Ether has been in a downtrend. The $2,700-$3,000 level remains key resistance. Analysts believe that breaking $3,000 could trigger further growth, especially with institutional investors’ support.

According to Arkham Intelligence, Lazarus holds $83 million in cryptocurrency, including $3.68 million in ETH. However, this is only a small portion of the $1.34 billion stolen in 2024, which accounted for 61% of all crypto thefts. If the stolen funds remain untouched, pressure on ETH’s price will be limited.

CryptoQuant recorded the lowest ETH reserves on exchanges since 2016—18.95 million coins. This signals reduced available supply and potential market scarcity.

Critical resistance remains above $2,900 and $3,000. According to CoinGlass, breaking $3,000 will trigger short liquidations worth $623 million, potentially pushing the price higher.

Despite volatility, analysts remain confident: Ethereum’s fundamentals are strong, and institutional interest continues to support the cryptocurrency’s long-term potential.