I was set up - Rather, “I was anointed” (compare Psalms 2:6 margin: 2 Chronicles 28:15). The image is that of Wisdom anointed, as at her birth, with “the oil of gladness.”
Or ever the earth was - literally, “from the times before the earth.”
Related Commentaries of Proverbs 8:23
Proverbs 8:23
23 I was set up from everlasting, from the beginning, or ever the earth was.