There are only three prices that can be set for an eBay auction: the ‘buy it now’ price, the reserve price, and the starting bid price. Of these three, the starting bid price is the only one that is required for an eBay auction. The reserve price and the ‘buy it now’ price are optional.
Source: www.tips4pc.com/Ebay-tips/how_to_price_your_ebay_items.htm