TLDR
Ethereum has shown resilience by maintaining prices above $2,700 while other cryptocurrencies faced downward pressure, with exchange supply reaching an all-time low of 6.38% as investors move assets to cold storage
Market intelligence platform Santiment reports increased crowd attention and exchange outflows for ETH, suggesting growing investor confidence
Analyst Javon Marks projects a potential 72.1% surge that could take ETH back to all-time high levels
A key support level exists at $2,425, backed by 10.33 million wallets holding 62.43 million ETH
Technical analysis shows ETH forming a contracting triangle pattern with resistance at $2,700, with potential for movement toward $3,000 if key resistance levels are broken
Ethereum has demonstrated remarkable market resilience, maintaining prices above $2,700 while other cryptocurrencies face downward pressure. Recent data from market intelligence platform Santiment reveals that only 6.38% of ETH’s total supply remains on exchanges, marking the lowest level since the cryptocurrency’s inception.
The declining exchange supply indicates a strong holder sentiment, as investors increasingly opt to move their assets into cold storage wallets. This trend suggests growing confidence in Ethereum’s long-term prospects despite broader market uncertainties.
Ethereum has shown mild signs of a rebound, currently back up to a market value of $2,745 and outpacing most altcoins to start the week. From a long-term perspective, ETH continues to move off of exchanges and into cold wallets at a shocking pace, with just 6.38% of the… pic.twitter.com/4MTJgpOLDT
— Santiment (@santimentfeed) February 17, 2025
Market data shows that Ethereum has outpaced many altcoins at the start of the week, establishing itself as a standout performer in the cryptocurrency space. The asset’s ability to maintain price stability above key support levels has drawn attention from market analysts and investors alike.
Technical Analysis
Technical analysis reveals a contracting triangle pattern forming with resistance at $2,700 on the hourly chart. The price currently trades above both $2,650 and the 100-hourly Simple Moving Average, suggesting maintained bullish momentum in the short term.
A crucial support level has emerged at $2,425, backed by substantial wallet accumulation. Data indicates that 10.33 million wallets currently hold 62.43 million ETH at this price point, creating a strong foundation for potential upward movement.
Analyst Javon Marks has identified what appears to be the end of a lengthy consolidation phase for Ethereum. His analysis suggests the possibility of a 72.1% price surge, which could potentially return ETH to its previous all-time high levels.
The hourly chart shows that Ethereum recently tested the $2,850 resistance zone, reaching a local high of $2,847 before experiencing a modest pullback. This price action has established a clear range between support at $2,600 and resistance at $2,850.
On the upside, the first major resistance level sits at $2,725, corresponding to the 50% Fibonacci retracement level of the recent downward move from $2,845 to $2,605. Breaking above this level could open the path toward the $2,850 resistance zone.
Should Ethereum successfully breach the $2,850 resistance, analysts suggest the next target would be the psychologically important $3,000 level, with potential extension toward $3,050 in the near term.
The asset’s technical indicators present a mixed but generally positive picture. The hourly MACD shows declining bearish momentum, while the RSI remains above the 50 zone, indicating balanced market conditions with a slight bullish bias.
Support levels have been established at $2,660 and $2,600, with additional backup at $2,550 and $2,440. These levels provide multiple zones of potential price stability should any downward pressure emerge.
The movement of ETH from exchanges to cold wallets continues at what Santiment describes as a “shocking pace.” This trend has accelerated in recent weeks, suggesting growing institutional and retail confidence in Ethereum’s future prospects.
Having underperformed compared to other large-cap assets throughout early 2024, Ethereum’s current price action and supply dynamics have sparked renewed interest from market participants.
The combination of technical setup, declining exchange supply, and increased wallet accumulation has created what analysts describe as favorable conditions for potential price appreciation.
The most recent data shows ETH trading at $2,745, maintaining its position above key support levels while market participants await potential catalysts for the next major move.
