Ethereum
ETH
$1,982
24h volatility:
0.7%
Market capitalization:
$239.22 billion
Flight. 24h:
$21.49 billion
shows potential signs of stabilization after a sharp decline in February, with price analysis indicators suggesting a turnaround. ETH price is currently forming what analysts identify as a lower “Adam and Eve” pattern near the $1,970 range. Although near-term pressure persists, data suggests that if specific resistance levels are reclaimed, ETH could undergo a relief rally targeting $2,500.
ETH is now trading just above crucial support zones, and holding these levels is the necessary step to set up a potential pullback. For now, it’s a red month.
In case you don’t know, $ETH is about to close its 6th consecutive red month
Expect it to last longer. Volume is really low and Vitalik continues to sell
maybe he likes red pic.twitter.com/JSlTLHECin
– CЄЄJᗩЧ – 得 (@CEEJAY_xs) February 17, 2026
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Adam and Eve: Understanding the Technical Setup Behind ETH USD
The structure of emerging markets centers on an Adam and Eve formation: a double bottom pattern characterized by a strong V-shaped bounce (Adam) followed by a broader, rounded consolidation (Eve). This pattern generally indicates a shift from a bearish distribution to accumulation. Although Ether is down around 20% in February, on-chain data reveals a divergence between price action and investor behavior.
Accumulator addresses added over 2.5 million ETH in February, bringing the total holdings in these wallets to 26.7 million. This aggressive buying behavior reflects historical trends of smart money sucking up liquidity during capitulation events. Even if prices remain suppressed, the fact that long-term holders are buying the dip provides fundamental support for the bullish technical thesis.
Ethereum Accumulation Wallets Source: CryptoQuant
The critical invalidation level of the Adam and Eve pattern sits at the local low of $1,909. If support at $1,970 fails to hold, analysts warn that the pattern could collapse, favoring the bearish continuity seen in the broader 2025-2026 market cycle.
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ETH Price Analysis – Key Levels to Watch
ETH price analysis Source: TradingView
Based on other price analysis, for the predicted rally to occur, ETH must overcome its immediate resistance levels. Currently, it is consolidating in the range of $1,970-$2,000 with weak momentum. Key support lies between $1,850 and $1,900, while resistance lies between $2,100 and $2,200. Breaking support could potentially allow lower levels like $1,500.
Derivatives data shows large short-term liquidation clusters stacked near $2,200. A decisive break above this level could trigger a short squeeze, propelling price towards the technical pattern’s implied target of $2,500. Additionally, Open Interest (OI) has cooled significantly to $23 billion, resetting the leverage ratio and potentially reducing the risk of a long-term squeeze cascade.
However, downside risks remain significant. Recent reports indicate that a major Ethereum whale has offloaded $543 million in ETH, adding supply pressure that challenges the bullish outlook.
Additionally, the overall sentiment is complicated by structural debates within the ecosystem. As Vitalik Buterin addresses Layer 2 scaling stories, investors are weighing Ethereum’s long-term usefulness against immediate price performance. A rise to the $2,200 level with increasing volume would be the main signal of a trend reversal.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. Hailing from crypto since 2017, Daniel leverages his experience in on-chain analytics to write evidence-based reports and in-depth guides. He holds certifications from the Blockchain Council and is dedicated to providing “insight gain” that overcomes market hype to find real utility for blockchain.
