BlockBeats News, February 17 — Despite ETH declining approximately 20% since February and briefly falling below the $2,000 psychological level, on-chain data and derivatives structures indicate that the market is brewing a potential rebound.
On-chain data shows that over 2.5 million ETH flowed into long-term holding addresses in February, with the holdings of related addresses increasing from 22 million to 26.7 million since 2026. At the same time, approximately 37.22 million ETH (over 30% of circulating supply) are staked, and the circulating supply continues to shrink. The network’s fundamentals have also significantly improved, with weekly transaction counts reaching a record high of 17.3 million, median Gas fees dropping to $0.008, about 3,000 times lower than the peak in 2021.
Technically, ETH on the 4-hour chart may be forming an “Adam and Eve bottom” reversal pattern. If the price effectively breaks above the $2,150 neckline, the target range is projected between $2,473 and $2,634. If the recent high and low structure is broken, $1,909 is a key short-term liquidity level.
In derivatives, the open interest of ETH contracts has fallen to $11.2 billion, a significant decline from the August 2025 cycle high of $30 billion, but the estimated leverage remains relatively high at around 0.7. Data shows that approximately 73% of accounts are in long positions; the liquidation heatmap indicates over $2 billion in short positions are under pressure to be liquidated above $2,200, while around $1 billion in longs near $1,800 are also at risk of liquidation, suggesting higher risk of a squeeze above that level.
Analysts believe that if ETH can successfully break above $2,150, it could open up short-term upside potential, targeting the $2,500 level.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Analyst: BlackRock Launches Staking Ethereum ETF Solo to Avoid Punitive Impairment Risk
BlackRock's staking Ethereum ETF attracted approximately $46 million in funding within two days of its launch, holding spot ETH and staking 70%-95% of ETH through CEX. Investors can receive approximately 82% of staking rewards monthly, with remaining rewards going to BlackRock and service providers. The fund's non-compounding design attracts large investors, and BlackRock chose to launch the staking ETF independently to mitigate risks.
GateNews6m ago
MoonPay introduces native hardware signature support for AI agent tools
MoonPay announced on March 15 the introduction of hardware signing support for its AI agent tool, allowing transaction strategies to be executed across multiple blockchains, with users required to confirm transactions through Ledger devices to ensure private key security.
GateNews34m ago
ShapeShift founder spent 17.75 million USDT to buy 8,576 ETH over the past 5 days
Gate News reported on March 15 that according to Lookonchain monitoring, ShapeShift founder Erik Voorhees has resumed buying ETH after a year of inactivity. Over the past 5 days, he has spent 17.75 million USDT to purchase 8576 ETH. Currently, Erik Voorhees still holds 26.77 million USDT and may continue to purchase more ETH.
GateNews2h ago
DWF Labs: Traditional Altseason Coming to an End, Institutional Capital Shifting to BTC, ETH, and RWA
Andrei Grachev from DWF Labs points out that the traditional "altseason" is gradually disappearing due to structural changes in the crypto market. Institutional capital increasingly favors Bitcoin and Ethereum, exposing altcoins to higher risks and capital outflows. Over the past 13 months, altcoin market capitalization has declined by over $209 billion.
GateNews3h ago
PA Daily | Ethereum Foundation Sells 5,000 ETH for Operations; Aave Launches Shield Feature to Block Transactions with Slippage Exceeding 25%
Today's News Highlights:
1. Macro outlook for next week: Federal Reserve likely to maintain cautious stance; NVIDIA GTC 2026 conference to be held
2. Due to conflict impact, Dubai TOKEN2049 and multiple cryptocurrency events postponed or canceled
3. Ethereum Foundation sells 5,000 ETH for operational activities
4. Aave: to launch Aave Shield feature, which will default-block swaps with price impact exceeding 25%
5. L1 public chain Pharos receives "contingent" investment from Xinte New Energy, valued at nearly $1 billion
6. Galaxy Research Director: If CLARITY Act is not reviewed by committee by end of April, the likelihood of passage this year is extremely low
Regulation & Macro
Macro outlook for next week: Federal Reserve likely to maintain cautious stance; NVIDIA GTC 2026 conference to be held
According to Jin Shi Financial News, the conflict between the U.S., Iran, and Israel has entered its third week, with energy commodities
PANews3h ago
