Ethereum (ETH) is currently staging a sharp intraday recovery, rebounding over 4.5% within the last 13 hours to trade near $2,000–$2,100. This "pump" is primarily driven by massive whale accumulation, with large-scale wallets (holding 10K–100K $ETH ) buying over 520,000 ETH during the recent dip, effectively neutralizing retail selling pressure. Market sentiment is further bolstered by the February 11, 2026, breakout call for the L1-zkEVM roadmap, which marks a pivotal shift toward zero-knowledge proof validation to reduce hardware requirements for validators. Additionally, institutional confidence remains high; despite recent ETF outflows, giants like BlackRock and Goldman Sachs have reportedly "bought the dip," increasing their exposure to ETH-related assets as the network transitions into its role as the "plumbing of global finance".
Technically, $ETH is attempting a V-shaped recovery after testing a multi-year rising support line and briefly dipping to a 10-month low of $1,747. The Moving Average Convergence Divergence (MACD) has turned bullish, with histogram bars flipping green for the first time in weeks, signaling that the short-term recovery phase is gaining traction. While the broader trend still faces a "max pain" resistance near $3,100 due to upcoming options expiries, the launch of the MegaETH mainnet on February 9—promising real-time L2 speeds up to 100,000 TPS—has renewed the narrative for Ethereum’s scalability dominance. If ETH can decisively reclaim and hold the $2,120 resistance zone, technical models suggest a potential expansion toward the $2,450–$2,800 range as the "Year of Ethereum" narrative takes hold.
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