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Ether (ETH) traded about 30% below its yearly open of $2,990, as traders grow increasingly risk-averse amid a global conflict and macroeconomic uncertainties.
Still, stronger network usage and increasing inflows into ETH accumulation addresses could provide a spark that may see the price finally break $2,200 resistance.
Key takeaways:
ETH held in accumulation wallets has risen 32% since January, showing strong long-term confidence.
Staked ETH reaches a record 37.85 million, representing over 30% of supply.
Analysts say Ether bulls must reclaim $2,200 as support
6.5M ETH increase in accumulation addresses
Although Ether’s price has fallen in 2026, network activity increased, with daily active addresses (DAA) rising to 1.1 million in February, the highest level since December 2022. The DAAs jumped by 80% to 672,170 from 370,390 in the past seven days.
“The increase in ETH active addresses indicates bullish market movements,” CryptoQuant analyst CW8900 said in a QuickTake note on Friday.
The chart below shows that activity increased most significantly after Ether’s recent drop below $2,000.
“This implies that accumulation activity was at its most active,” the analyst added.
Ethereum daily active addresses. Source: CryptoQuantSimilar activity has been consistently observed near macro bottoms since 2022, preceding significant ETH price rallies.
Additionally, daily inflows into accumulation addresses have increased steadily since mid-2025, reaching a record high of 1.14 million ETH in November 2025. The inflows have continued to climb in 2026, averaging 200,000 ETH per day, with a spike to over 350,000 on Thursday.
As a result, the amount of ETH held in accumulation wallets, or holders with no history of selling, has increased by 6.5 million to 26.55 million from 20.1 million on Jan. 1, representing a 32% increase.
The ETH supply held in accumulation addresses is an important indicator for traders and market participants, as it reflects overall confidence in Ether’s long-term outlook.
ETH inflows into and balance in accumulation addresses. Source: CryptoQuantThe total value of ETH staked further reinforces this outlook. The supply of staked Ether reached an all-time high of 37.85 million this week, signaling growing investor confidence and a squeeze on the liquid supply. This represents over 30% of the total ETH supply.
Staked ETH supply. Source: DuneA growing staked supply also indicates that a large percentage of investors are preparing to hold their ETH for longer.
As Cointelegraph reported, Ether supply held on exchanges fell to a new multi-year low of 3.46 million ETH, further tightening the available liquidity on the order books.
Ether price needs to flip $2,200 into support
Data from TradingView shows ETH attempting to breach the $2,100-$2,200 resistance that has suppressed its price over the last month.
“This has been an important price area over the past couple of years of price action for Ethereum,” analyst Daan Crypto Trades said in a recent X post.
The last time the ETH/USD pair reclaimed this level was in May 2025. It rallied 24% in less than a week. In June 2025, it served as a launchpad for a 126% ETH price rally to the current all-time high of $4,950 reached in August 2025.
ETH/USD daily chart. Source: Cointelegraph/TradingViewA key area to watch on the downside is $1,750-$1,850, which, if lost, could extend the downtrend to as low as $1,000.
“I assume that when this breaks either side of the range, we will see a large move occur,“ Daan Crypto Trades added.
This support area coincides with an ascending trend line that has upheld the price on the weekly chart since 2022.
Technical analyst Prof said holding this support would then trigger a retest of the 21-week exponential moving average at $2,700, 22% above the current price.
ETH/USD weekly chart. Source: X/ProfAs Cointelegraph reported, a decisive break above the $2,100 resistance and the 50-day EMA at $2,200 will have the bulls target $2,600 next.
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