In a recent surge, Ethereum (ETH) has witnessed significant movement as whales accumulated nearly 9 million ETH between January 27 and February 6, 2026. Following a rise in price of over $150, ETH is now trading near $1956.80, with an intraday peak reaching $1961.
This accumulation brought total whale holdings from 104.48 million to 113.39 million ETH, translating to an approximate value of $18 to $18.7 billion at an average price of $2,100. This increase in holdings occurred amidst a chaotic market, where retail investors faced a 43% price collapse, coupled with a leverage flush that saw open interest decrease from $15.9 billion to $8.73 billion.
Long-term HODLers have also begun to show positive movement, flipping net positive with a gain of 9,454 ETH noted on February 24. The dwindling reserves on exchanges further indicate a potential supply squeeze, suggesting a structural bottom for the asset. On February 25, ETH registered a 3.4% increase, positioning itself to eye the $3,000 mark if the upward momentum continues.
Despite this bullish sentiment, there are still concerns regarding ETF outflows and macroeconomic risks that could impact the market. Currently, technical analysis shows that ETH”s current market price of $1956 is above the 55 EMA of $1882 and the 200 EMA of $1931, signaling bullish trends. However, it remains below the 365 EMA at $1998.90, indicating bearish sentiment over longer periods.
Key support levels are identified at $1700 and $1500, with minor bullishness only predicted above the $2050 mark. A breach above this level could target prices of $2300, $2380, or even $2500. The momentum indicators on the 1-hour chart reflect a bullish outlook, with the Commodity Channel Index (CCI) at 170.49 and an increasing Average Directional Index (ADX) strength.
For traders, buying above $2050 with a stop loss around $1800 could provide a favorable risk-reward ratio, targeting the higher price points discussed. As the market evolves, close attention to these dynamics will be essential for understanding Ethereum”s trajectory moving forward.
