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Ether (ETH) opened the week trading below the psychological $2,000 level, leaving the altcoin down about 20% for February. Despite the price weakness, onchain data points to continued accumulation by long-term investors and rising network activity. Analysts are now assessing whether ETH’s technical setup and derivatives positioning can support a sustained move back above $2,000.
Onchain data shows more than 2.5 million ETH flowed into accumulation addresses during February. That activity lifted holdings to 26.7 million ETH for 2026, up from roughly 22 million ETH at the start of the year.
MN Capital founder Michaël van de Poppe said ETH valued against silver is at its lowest level on record, arguing that such difficult market phases can create a long-term accumulation window.
Ethereum’s demand indicators also improved. More than 30% of ETH’s circulating supply is currently staked, with 37,228,911 ETH staked, which reduces liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million.
Median fees fell to $0.008, described as a roughly 3,000x decline versus 2021 peak levels. Lisk research head Leon Waidmann contrasted this with the 2021 period, when weekly transactions were near 21 million but median fees rose above $25.
Derivatives data shows open interest has declined to $11.2 billion, down from a $30 billion cycle peak in August 2025. However, leverage remains elevated, with an estimated leverage ratio of 0.7, only slightly below 0.77 in January.
Liquidation mapping highlights potential volatility around key levels. Liquidation clusters are stacked near $1,909 and $2,200, while Hyblock data indicates 73% of global accounts are currently long on ETH.
On the four-hour chart, ETH is described as forming an “Adam and Eve” bottom, a bullish reversal structure that starts with a sharp V-shaped low followed by a slower, rounded base as volatility contracts.
Analysts said a confirmed breakout above the $2,150 neckline would validate the pattern and could open the door to a measured-move range of $2,473 to $2,634. Invalidation is described as occurring below recent higher lows, with $1,909 identified as a key short-term liquidity level.
Liquidation heatmaps show more than $2 billion in short positions clustered above $2,200, compared with roughly $1 billion in long liquidations stacked near $1,800. The nearest dense cluster is at $1,909, where $563 million in longs are vulnerable, which may act as a short-term liquidity magnet before any broader uptrend.
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