Key Notes
- The Ethereum network remains undisputed in the Web3 space amid the notable rise of other layer ones led by Solana.
- Ether price must consistently close above $2,843 to invalidate a possible selloff towards $2.2K.
As the wider altcoin industry gradually mirrors Bitcoin price BTC $96 465 24h volatility: 2.0% Market cap: $1.91 T Vol. 24h: $46.44 B recovery in the past few days, Ethereum price ETH $2 689 24h volatility: 2.5% Market cap: $324.65 B Vol. 24h: $34.52 B attempted to regain bullish momentum. The large-cap altcoin, with a fully diluted valuation of about $336 billion and a 24-hour average trading volume of about $17 billion, gained more than 2% to trade about $2,811 on Friday, February 21, during the early New York session.
The overall optimism in the crypto market has gradually increased as the Donald Trump administration pushes to provide clear web3 regulations. Moreover, Ethereum’s fear and greed index has surged from 42% to around 50% in the past 24 hours, suggesting a declining fear of further capitulation.
Midterm Expectations for Ethereum Price
From a technical analysis standpoint, Ether’s price is on the cusp of a major bull rally toward a new all-time high in the near future. A successful close above the resistance level of about $2,843 will trigger a major bull rally beyond $3K in the coming weeks.
However, a retrace below the established support level of around $2,554 will lead to further bleeding towards $2.2K.
Renewed Interest from Investors
According to market data from IntoTheBlock , the Ethereum network recorded a $35 billion surge in transactions greater than $100K during the past week. On February 16, a total of 3,711 transactions were recorded on the Ethereum network worth more than $100K, while a total of 5,174 transactions were recorded on Friday, signaling a renewed interest from whale investors in the recent past.
The Ether network has also recorded a gradual increase in new addresses, whereby an increase of about 12.10% was reported over the past week. According to market data from CoinGlass , more than 430K Ether units have been withdrawn from centralized exchanges in the past 30 days, to currently hover at about 15.4 million.
The number of new addresses on the #Ethereum $ETH network continues to climb, making a series of higher highs with a 12.10% increase over the past week. pic.twitter.com/oooCtLmeVN
— Ali (@ali_charts) February 20, 2025
Meanwhile, the demand for spot Ether ETFs in the United States remains relatively low, whereby a total net outflow of about $13 million was recorded on Thursday, with none of the issuers registering net cash inflow.
Fundamental Outlook
The Ethereum network has been navigating the rising competition in the web3 space amid notable challenges at the leadership of the Ethereum Foundation and the upcoming Pectra upgrade . Despite the notable competition from other layer one (L1) chains, led by Solana (SOL), the Ethereum network remains a leader in DeFi, Dapps, NFTs, and real-world assets (RWA) tokenization.
As of this writing, the Ethereum network had more than $58 billion in total value locked (TVL) and a stablecoins market cap of around $122 billion. In the past 24 hours, the Ethereum network recorded around 464K active addresses. In the past seven days, the Ether network recorded the highest amount of cash transferred from other chains led by Solana, and BNB Chain.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
