Ether (ETH) started the week falling below the psychological level of $2,000, causing the altcoin to post a 20% loss for February. Still, onchain data shows that long-term investors are accumulating ETH and increasing network usage.

Analysts are currently examining how ETH’s technical outlook and derivatives data align with emerging demand to determine whether a long-term rally above $2,000 is possible.

Key conclusions: :

• In February, over 2.5 million ETH flowed into accumulation addresses, increasing the stock to 26.7 million in 2026.

• Weekly transactions on Ethereum reached 17.3 million and the median fees fell to $0.008, a 3,000-fold decline from 2021 highs.

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

Ether accumulation is growing despite falling prices

Aether accumulation addresses in addition over 2.5 million ETH in February, even though the price dropped by about 20%. The total value of the resource increased to 26.7 million ETH, up from 22 million at the beginning of 2026.

Founder of MN Capital Michaël van de Poppe excellent that ETH valued against silver is at an all-time low, arguing that such challenging market phases often feature a long-term accumulation window.

As fundamentals improve, demand for the network also improves. Over 30% ETH circulating supply (37,228,911 ETH) is currently staked, which reduces the liquid supply. At the same time, weekly transaction volume reached an all-time high of 17.3 million, while median fees dropped to $0.008.

By comparison, Lisk’s head of research, Leon Waidmann, noted that weekly transaction volume was almost 21 million, but median fees rose above $25 at the peak in 2021. The current structure reflects greater utilization at significantly lower costs.

Related: Harvard Fund Reduces Bitcoin ETF Holding, Adds Ether Exposure

ETH falls below $2,000 as leveraged traders prepare for a breakout

On the four-hour chart, Ether appears to be forming an Adam and Eve bottom, a bullish reversal setup that starts with a acute V-shaped low (“Adam”) followed by a slower, rounded base (“Eve”).

The structure reflects an initial aggressive sell-off that quickly finds buyers, followed by a period of gradual accumulation as volatility declines.

A confirmed break above the $2,150 neck line confirms the pattern and could open the door to the $2,473-$2,634 area, based on the measured movement projection from the base. The invalidation remains below recent higher lows, with $1,909 being a key near-term liquidity level.

Open interest declined to $11.2 billion from a cyclical peak of $30 billion in August 2025. However, the estimated leverage ratio remains increased to 0.7, only slightly down from 0.77 in January. This suggests that leverage is still concentrated in the system, increasing the possibility of a acute move.

Hybrid data shows that 73% of global accounts are currently long ETH. Liquidation heat maps show more than $2 billion in compact positions clustered above $2,200 compared with about $1 billion in long liquidations clustered near $1,800, highlighting the greater risk of a squeeze to the upside.

Although the nearest dense cluster is at $1,909, where $563 million worth of long positions are sensitive, which could act as a potential short-term liquidity magnet ahead of the expected uptrend.

Related: Crypto Funds See Fourth Week of Outflows at $173 Million as BTC Dips Below $70,000 dollars