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Ethereum Price Decline
Ethereum has dipped below the $2,000 level again, recording a 3% decline over the past 24 hours and reaching lows of $1,930 in early trading on February 11, 2026. This movement parallels Bitcoin's retreat below $67,000, with the bellwether asset trading around $66,805 after a similar 3% drop. Despite prevailing bearish sentiment across the cryptocurrency market, large holders remain unfazed and are leveraging the dip to build positions.
Whale Accumulation Trends
On-chain data indicates Ethereum has drawn aggressive whale accumulation for several months, undeterred by sharp price declines. According to CryptoQuant data shared on X, large holders ramped up positions starting in July 2025, a trend persisting through a bearish flip in late 2025 with record inflows into accumulation addresses.
Accumulation continued after ETH price fell below the realized value of these addresses, echoing April 2025 when prices hit lows of $1,470 before recovering to an all-time high near $5,000 in August. Recent metrics show exchange balances at multi-year lows, with whales absorbing supply as retail investors sell amid panic. Entities like Bitmine Immersion Technologies exemplify this, recently acquiring over 40,600 ETH at an average price of $2,125 and staking 2.97 million ETH, over 68% of holdings.
Tom Lee (@fundstrat)'s #Bitmine is still buying $ETH and staking it. 5 hours ago, #Bitmine staked another 140,400 $ETH ($282M). In total, #Bitmine has staked 2.97M $ETH ($6.01B), 68.7% of its total holdings.
Ethereum Price Outlook
The crypto fear and greed index lingers in extreme fear territory, supporting a short-term bearish outlook as Ethereum struggles near $2,000, down over 60% from its $5,000 all-time high. Technical indicators confirm weakness, with prices below key EMAs, bearish oscillators, and a death cross formed in November 2025 that intensified after Bitcoin's drop to $60,000 on February 5, 2026, pushing ETH to $1,740 lows.
Further downside could target $1,500-$1,300 if bears dominate. However, persistent whale buying below realized prices signals long-term conviction. Analysts project a significant rebound fueled by institutional demand, network growth, and stabilizing ETF flows, with net assets over $11.7 billion after November 2025 outflows subsided. Bitmine's Tom Lee anticipates a V-shaped recovery.
