Ether (ETH) opened the week below the key $2,000 level, posting a 20% loss for February. Despite the price drop, onchain data reveals long-term investors are accumulating ETH, with over 2.5 million ETH flowing into accumulation addresses. Analysts are examining whether improving network fundamentals and a bullish technical pattern can support a sustained rally.
Ether (ETH) began the week trading below the psychological $2,000 level, marking a 20% decline for February. However, onchain data shows long-term investors accumulating the asset, with CryptoQuant data indicating accumulation addresses added more than 2.5 million ETH during the month. Total holdings in these addresses have now risen to 26.7 million ETH.
MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record. Network usage is also rising, with weekly transactions hitting an all-time high of 17.3 million as median fees fell to $0.008.
Head of research at Lisk, Leon Waidmann, noted that weekly transactions were near 21 million during the 2021 peak, but median fees surged above $25. The current structure reflects significantly higher usage at a much lower cost. Over 30% of ETH’s circulating supply is now staked, further reducing liquid availability.
On a four-hour chart, ETH appears to be forming an Adam and Eve bottom, a bullish reversal pattern. A confirmed breakout above the $2,150 neckline could target the $2,473–$2,634 region based on the pattern’s measured move projection.
Open interest in ETH derivatives has declined to $11.2 billion from a cycle peak of $30 billion in August 2025. However, the estimated leverage ratio remains elevated at 0.7, suggesting concentrated leverage that could precipitate a sharp price move.
Data from Hyblock shows that 73% of global accounts are currently long on ETH. Liquidation heatmaps indicate more than $2 billion in short positions are clustered above $2,200, compared with roughly $1 billion in long liquidations near $1,800. The nearest dense liquidation cluster sits at $1,909, where $563 million in long positions are vulnerable.
