Despite 840,000 ETH Accumulation, Why Isn’t It Rising? Can Ethereum Break the $2,100 Barrier?

▲ Ethereum (ETH) ©

Despite a massive accumulation of 840,000 ETH by whales, selling pressure has not subsided, and Ethereum (ETH) has once again retreated in front of the $2,100 resistance level.

According to investment media outlet FXStreet on February 17 (local time), ETH is trading near the $2,000 level. Whale wallets holding between 10,000 and 100,000 ETH briefly paused purchases last week, but as the price decline accelerated, they resumed accumulation, absorbing a total of 840,000 ETH since February 4 and continuing their long-term accumulation trend.

In contrast, wallets holding between 100–1,000 ETH and 1,000–10,000 ETH—typically associated with retail investors—temporarily accumulated earlier this week before shifting back to selling. Overall, selling dominance remains intact. Over the past five days, ETH reserves on exchanges have increased by more than 180,000 ETH, suggesting heightened selling pressure as more coins are being deposited onto exchanges.

Institutional flows have also been weak. According to SoSoValue data, spot Ethereum ETFs have recorded net outflows for four consecutive weeks, bringing total cumulative outflows to $161.1 million. However, the pace of outflows has slowed compared to earlier this month. ETH has yet to reclaim its realized price—representing the average purchase price of investors—and historically, downward pressure has tended to persist until this level is recovered, the outlet noted.

In the derivatives market, there are no clear signs of leveraged positions returning. Open interest has slightly declined to 11.76 million ETH, while funding rates remain negative according to Coinglass data, indicating an increase in short positions. Over the past 24 hours, total liquidations reached $71 million, of which $47 million were long positions.

Technical indicators also point to continued pressure. On the daily chart, ETH/USDT is trading around $1,982, while the 20-day exponential moving average stands at $2,223, maintaining a downward trend. The relative strength index (RSI) is at 33, remaining below the neutral line and signaling weakening momentum, though not yet an oversold condition. Immediate resistance is seen at $2,107, with major support at $1,741. If the price continues to trade below the 20-day average, downside risk could extend to $1,741 and subsequently to $1,404. Conversely, a daily close above the 20-day average could open the way toward the next resistance at $2,388.

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