$ETH

Spot ETH In-Depth Insights 20260212 11:00 UTC

Key Points

Ethereum (ETH) is currently trading at $1,994.16, showing a significant rebound over the past 24 hours, reflecting mixed market signals. Overall,

1. Market Dynamics: Despite recent price declines, Ethereum's technical indicators have shown signs of a rebound, with short-term indicators leaning bullish.

2. Whale Movements: Whale activities are showing a mix of bullish and bearish patterns, with some institutions significantly increasing their holdings while others are aggressively closing positions.

3. External Factors: Ongoing changes in macroeconomic data and institutional investment interest are gradually shaping market sentiment.

Highlights

1. Technical Momentum: Ethereum's price has rebounded from recent lows, the MACD indicator shows a bullish crossover, and the 6-period Relative Strength Index also indicates strong momentum, with the current price above the 7-period and 25-period moving averages.

2. Institutional Adoption: Participation by major financial institutions in Ethereum is increasing, such as Danske Bank launching an Ethereum ETP, Hong Kong approving Ethereum as collateral, and ICE Futures US planning to launch new Ethereum futures contracts.

3. Whale Accumulation: Despite frequent market volatility, some large holders remain actively accumulating, with one whale adding an Ethereum position valued at $8 million, while another whale maintains a long position worth $87.9 million.

Risks

1. Macroeconomic Pressure: The U.S. job market data is performing strongly, with non-farm payrolls exceeding expectations and the unemployment rate dropping to lower levels, which may further boost the dollar and exert downward pressure on crypto assets.

2. Whale Distribution: A large institution named 'Trend Research' has closed its last Ethereum long position, reportedly losing up to $869 million, indicating that major participants are significantly offloading, with potential selling pressure not to be underestimated.

3. Network Revenue Decline: Compared to the 2021 peak, Ethereum's network revenue for 2025 has drastically reduced, plummeting from $9.9 billion to $665.6 million, which may suggest a decrease in network activity or value capture.