Ethereum is experiencing significant accumulation as large outflows from exchanges reduce available supply, according to on-chain data. Analysts point to $180.7 million in net exchange outflows over 24 hours and identify two key upside price gaps on the CME futures chart at $2,300 and $2,700.
Ethereum (ETH) is showing signs of major accumulation as of February 20, 2026, with large transfers off exchanges easing selling pressure. On-chain data indicates long-term and major holders are accumulating more, which could be bullish for ETH prices.
Crypto analyst Ted mentioned that Ethereum now has two gaps on the upside for the CME at the $2,300 and $2,700 levels. “The first gap at the $2,300 level may be achievable in the near term, while the second gap may not be easily achievable,” Ted stated.
Analyst BATMAN noted that a lot of ETH is being withdrawn from exchanges, thus reducing the supply for sale. In the past 24 hours, there has been a net outflow of $180.7 million from exchanges, which is twice the daily average.
This accumulation trend has several implications for the Ethereum market. The decrease in coins being sold could help stabilize the price as supply diminishes.
The accumulation in cold wallets and decentralized finance platforms suggests an expectation of long-term holding. Inflows from public figures have increased 50.8 times the normal rate.
Comparatively, the accumulation trend for Ethereum over the past 24 hours looks more promising than Bitcoin’s trend. This may imply that ETH could gain more momentum if the trend continues.
At the time of writing, ETH is trading at $1,957 with a 24-hour trading volume of $28.32 billion. Over the last 24 hours, ETH has gained 1.55%, reflecting increasing investor interest.
