Crypto: Eth Chart Pattern Projects Rally To $2.5k If Key Conditions Are...

Ether is down 20% in February, but a developing bullish setup below $2,000 and growing upside liquidation clusters hint at a quick rebound.

Ether (ETH) opened the week with a drop below the psychological $2,000 level, placing the altcoin into a 20% loss for February. Still, onchain data shows long-term investors accumulating ETH and rising network usage.

Now, analysts are examining how ETH’s technical outlook and the derivatives data align with its emerging demand to determine if a prolonged rally above $2,000 is possible.

Over 2.5 million ETH flowed into accumulation addresses in February, lifting holdings to 26.7 million for 2026.

Ethereum weekly transactions hit 17.3 million as the median fees fell to $0.008, a 3,000x drop from 2021 peaks.

ETH open interest dropped to $11.2 billion, but leverage remains elevated, with liquidation clusters stacked near $1,909 and $2,200.

Ether accumulation addresses added more than 2.5 million ETH in February, even as the price declined about 20%. Total holdings have risen to 26.7 million ETH, up from 22 million at the beginning of 2026.

MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record, arguing that such difficult market phases often present a long-term accumulation window.

The network demand is also improving alongside improving fundamentals. Over 30% of ETH’s circulating supply (37,228,911 ETH)  is currently staked, reducing the liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million, while median fees fell to $0.008.

In comparison, head of research at Lisk, Leon Waidmann, noted that the weekly transactions were near 21 million, but the median fees surged above $25 during the 2021 peak. The current structure reflects a higher usage at significantly lower cost.

Source: CoinTelegraph