Ethereum has found support at $2,600 after a sharp decline. Could this signal a bullish reversal toward $3,000 or even higher? Let’s analyze the key factors.
Ethereum Holds $2,600: Is a Comeback Likely?
Ethereum has dropped 21% in 10 days, falling from $3,331 to $2,635. Despite this, ETH has managed to hold above $2,600, showing signs of potential recovery.
🔹 Support at $2,600 is holding strong.
🔹 Lower price rejection candles suggest bullish interest.
🔹 However, bearish resistance remains a challenge.
The MACD indicator also hints at a potential bullish crossover, as the bearish momentum weakens. However, trading volume remains mixed, signaling a battle between bulls and bears.
Ethereum ETF Inflows Show Growing Institutional Interest
Despite the price decline, Ethereum ETFs recorded $420.2 million in inflows between February 3 and February 7. Even on February 7, inflows remained steady.
📈 Six consecutive days of ETF inflows suggest strong institutional demand.
📈 Rising investment could push ETH prices higher.
This growing demand could align with a market rebound, reinforcing bullish momentum.
Ethereum Whales Are Selling—A Cause for Concern?
While institutions are accumulating, large Ethereum holders (whales) have been selling. Since February, total ETH holdings by major investors have dropped from $455.79 billion to $371.91 billion.
🔻 Holdings over $10M decreased by 19.14%, from $366.43B to $296.26B.
🔻 Holdings between $1M and $10M dropped from $34.27B to $28.21B.
This decline in whale holdings adds bearish pressure, which could slow down Ethereum’s recovery.
Ethereum Price Targets: Key Levels to Watch
Ethereum’s next moves depend on whether bulls can maintain support at $2,600.
🚀 Potential Upside Targets:
✔ First resistance: $2,746
✔ Stronger breakout: $3,957
⚠ Key Support Levels:
✔ Psychological support: $2,400
✔ Stronger support: $2,118
If buying pressure increases, Ethereum could rally toward $3,000. However, continued whale sell-offs might keep ETH in a consolidation phase before any major breakout.
