Ethereum (ETH) has seen a price increase of 5.80% over the last 24 hours, reaching over $2,830. This rise can be attributed to several factors including whale accumulation and diminished concerns regarding a potential rollback of the Ethereum blockchain. The price boost follows a $1.4 billion hack involving Bybit, where the exchange has since replenished its ETH reserves through significant over-the-counter purchases and transfers from other exchanges. Trust in Bybit has been reinforced, as audits have confirmed sufficient reserves to meet user liabilities. Ethereum core developer Tim Beiko has stated that a rollback of the network is impractical given its potential to disrupt decentralized finance (DeFi). Additionally, large ETH holders have accumulated around $140 million in ETH post-hack, indicating a shift in market sentiment towards optimism. The current price rally is bolstered by a historical trendline support test that has led to positive price movement in the past, adding to expectations for a bullish breakout if the asset surpasses immediate resistance levels.

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