On February 7th, Ethereum accumulation addresses saw a record surge in daily inflows, indicating growing investor confidence in the asset’s long-term price trajectory, despite its recent underperformance relative to the broader crypto market. However, trader interest in Ether remains comparatively lower than in competing assets. Historically, sharp rise in inflows to accumulation addresses have signalled strong conviction in Ethereum’s future, often preceding significant price rallies. Yet, Ether’s prolonged decline against Bitcoin underscores its struggles, with the ETH/BTC pair down approximately 75% since 2021.
At the time of writing, ETH was trading at $2,676.
ETH, after breaking the psychological support of $3,000, plunged by almost 29% making the low of $2,125. The asset tested key support at $2,150 and experienced a relief rally, reaching up to $2,921. Post this move, ETH started consolidating and trading in a range from $2,800 to $2,500, with declining volumes. The asset will face a strong resistance at $3,000, and to witness a rally it needs to break and sustain above the resistance level.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,350 | $2,500 | ETH | $3,000 | $3,500 |
In the grand scheme of things, ZebPay blogs are here to provide you with crypto wisdom—get started today and join 6 million+ registered users to explore endless features on ZebPay!
