$ETH is down 35% year-to-date, trading near $1,945 with an RSI hovering at 28. Surface-level, it looks terrible. But underneath, the structure is shifting.
Whale wallets are accumulating at rates exceeding 800,000 ETH per day — buying intensity not seen since 2017. ETF inflows on February 10 hit $13.8 million. Over 220,000 ETH left exchanges recently, tightening available supply.
The Pectra upgrade went live in January with 11 EIPs, doubling blob capacity and raising validator staking caps to 2,048 ETH. Ethereum processes 2.885 million daily transactions. TVL sits at $75 billion. Base launched Agentic Wallets this month for AI-to-blockchain transactions. Polygon, Ethena, and Nethermind joined the Enterprise Ethereum Alliance.
Tom Lee is calling for a V-shaped recovery. The $2,400 level is where accumulated whale demand meets first major resistance. If that breaks, the narrative flips from oversold weakness to accumulation-led rebound.
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