• Ethereum (ETH) failed to reclaim the much-coveted $2,000 price territory in February despite closing the month with a 1.26% increase.
• Throughout February, investors‘ confidence remained strong, as evidenced by a cluster of massive deposits into the ETH 2.0 contract and an increase in whale accumulation.
• Ethereum ended February at $1,605 – a 1.26% increase from its opening value.
Ethereum Fails to Reclaim $2,000
Ethereum (ETH) failed to reclaim the much-coveted $2,000 price territory in February despite closing the month with a 1.26% increase. The asset’s performance in February was mainly tied to bitcoin’s (BTC) movement as it sought to weather the bearish storm that prevailed throughout the month. Ethereum started February on a solid note, closing the first day of the month with a 3.55% increase from its opening price of $1,566. Highs and lows characterized the next few days amid massive volatility before ETH slumped to its lowest point of the month at $1,461 on Feb 13th. Later it staged a comeback with a 7.66% intraday gain two days later which resulted in 6-month high of $1,742 but could not sustain its bullish trend for long and finally ended at $1,605 – a 1.26% increase from its opening value .
Signs of Investor Confidence
Despite prevailing price fluctuations throughout February investor confidence remained strong as indicated by many developments in Ethereum’s ecosystem including:
Total Value Reached 9 Month High
Data from Glassnode reveals that total value of ETH 2 Deposit Contract hit 9 month high of worth 27 billion USD as Shanghai upgrade inches closer . This indicates an increased investor confidence towards Ethereum’s future prospects .
Whale Accumulation Also Increased
Santiment disclosed today that cumulative holding of top 10 non-exchange ethereum whale addresses surpassed 25 million ETH , last witnessed in 2016 indicating massive increase in whale accumulation .
Price Performance
Ethereum ended February at$1 ,605 –a 1 . 26 %increase fromitsopeningvalue , showing signs offutureprice stability .
