Ethereum’s price has stabilized near $1,932 following a sharp decline toward $1,700 earlier in February. Analysis of market data reveals a significant divergence, with trading volume for altcoins against stablecoins expanding aggressively even as prices fell. This activity, alongside the formation of strong buy walls, suggests potential accumulation beneath visible panic, raising questions about a possible market structure shift.
The price of Ethereum fell toward $1,700 earlier in February, triggering widespread liquidations across altcoin markets. However, trading volume surged during this period of weakness instead of fading.
Aggregated altcoin trading volume quoted in stablecoins expanded aggressively while prices lagged. This high participation at depressed prices is often viewed as a sign of absorption.
Buy walls repeatedly absorbed aggressive selling, which prevented further price collapse. This action allowed the altcoin market’s price structure to shift from pure decline to one of compression.
On weekly charts, the OTHERS/BTC pair has broken above a long-standing bullish wedge after years of lower highs. The momentum indicator MACD has stayed green for two consecutive months for the first time in nearly six years.
“Since 2021, it has flipped red after every breakout attempt,” noted the analysis of historical momentum failures. The Relative Strength Index has also climbed steadily from oversold levels, printing higher lows.
The ALT/BTC chart echoes similar strength with a persistent green MACD histogram. This consistency in momentum had been absent from the market for years.
Market observers note that a full altcoin season requires broader confirmation. Many believe confidence still depends on Bitcoin holding above a key weekly moving average.
“If February closes green, the implications would extend beyond optics,” the analysis states. This could confirm sustained rotation and potentially open the door for an altcoin rally as 2026 progresses.
