I'm an amateur at Ancient Hebrew
וְהָאָ֗רֶץ הָיְתָ֥ה תֹ֙הוּ֙ וָבֹ֔הוּ וְחֹ֖שֶׁךְ עַל־פְּנֵ֣י תְהֹ֑ום וְר֣וּחַ אֱלֹהִ֔ים מְרַחֶ֖פֶת עַל־פְּנֵ֥י הַמָּֽיִם׃
But there is poetic structure here too, which I think helps
wəhā’āreṣ...........wāḇōhū,.wəḥōšeḵ............wərūaḥ......məraḥep̄eṯ......
...........hāyəṯāh.............................məraḥep̄eṯ......
wəhā’āreṣ,......................ṯəhōwm;.........................
Starting with (3), the first half of the line is chiastic with the Earth balancing the Deep, and the doubled idea of darkness and void inbetween them.
About (2), the first half has the main verb hayah=to be. In the second half the Spirit is a 5th subject following Earth, Darkness, Void, Deep, but for balance there is wanted another verb. The participle here parses normally,
mem shva marks the piel form, but it's far enough away from hāyəṯāh that poetically I feel it's doing double-duty as an absolute. From Gesenius:-
The participles active, in virtue of their partly verbal character, possess the power of governing like verbs, and consequently, when used in the absolute state, may take after them an object either in the accusative, or with the preposition with which the verb in question is elsewhere usually construed,
https://en.wikisource.org/wiki/Gesenius%27_Hebrew_Grammar/116._The_Participles
The LXX inserts a καὶ and promotes ἐπεφέρετο into a main verb, which suggests they might have felt the structure couldn't work in Greek. (They work some of the poetic balance back in another way, by repeating ἐπάνω + genitive.) English either promotes the participle to a verb ("moved" - as KJV) or supplies/repeats the verb to be ("was moving" - as most of the others).
About (1) As well as the balance, there is an assonance wəhā’āreṣ...wəḥōšeḵ = = wərūaḥ...məraḥep̄eṯ Earth...Deep = = Spirit...Hovering
The lumpen physical world is being contrasted (and collided!) with the limitless potential of the spirit. The participle lets the second half flow from the first, but hearing a sense of an absolute makes the hovering spirit as concrete as the earth that is. This might extend to the grammar: that God's participle is as concrete as our verb to be.
There is a quite long delay between 1:2's verb and 1:3's verb, and the participle sustains that for tension. A little like in the English phrase going...going...gone.