Where Could Ethereum Price Bottom Out in February?

The crypto market witnessed a notable downturn in the first week of February, likely accelerated by Donald Trump’s new tariff policy. The Bitcoin price plunged below the $100k psychological level while the Ethereum price lost $3,000 support. While institutional investment continues to bolster the ETH coin for recovery, these are key that investors should look for.

Key Highlights:

• The Ethereum price breakdown below $2,800 support signals a 15% downside potential.
• The $2,800 level, backed by a 200-day exponential moving average and a long-coming trendline, has created a key reversal point in February’s correction.
• Cumberland DRW, a leading institutional trading firm, withdrew 62,381 ETH (~$174M) from exchanges in the last two days..

ETH Inflows Dominate as Institutions Quietly Accumulate

Ethereum coin has been quietly witnessing significant accumulation despite not getting the mainstream attention it deserves. In the past two weeks, the ETH exchange-traded funds saw only 3 days of outflow while the net total surged to $854 Million.

Accoring to Lookonchain data, the institutional trading firm Cumberland DRW withdrew 62,381 ETH( worth approximately $174M) from exchanges in the last two days and transferred it to CoinbasePrime.

These large transactions reinforce the narrative that institutional investors are actively accumulating ETH potentially ahead of a major market move.

Ethereum Price Nearing Major Support Zone to Renew Bullish Momentum

This week, the Ethereum price correction experienced a sharp drop from $3,437 to $2,714, accounting for 21%. The falling price currently teases a breakdown below the key horizontal level for $2,800 and 100-day EMA.

A weekly candle closing below the aforementioned level would bolster the seller’s influence on this asset, extending the current downfall to $2,300.

On Monday’s market sell-off, the Ethereum price correction witnessed renewed buying around the $2,300 level as it coincided with a long-coming support trendline and 200-day EMA.

Since July 2022, the dynamic support has acted as an accumulation zone for buyers, indicating a suitable reversal point for ongoing correction.

Also Read: Trump Media Files Trademarks For Bitcoin ETF