Ethereum managed to hold above the $2,000 support level for the first time in several sessions. This suggests that a broader recovery is possible and that market signals indicate the coin remains stable despite negative sentiment and institutional pressure.
The recent price dynamics of ether have been clearly contractionary, with the asset registering a drop of nearly 30% in just one week. Measured from the highs of early 2026, the decline is around 35%. As a result, ETH returned to price levels not seen since 2023, reinforcing a perception of structural weakness in the short term.
From a technical perspective, reports published on February 9 identified the $2,000 level as a critical support level. The price had been moving within a descending channel, and in that context, analysts warned that a sustained break below this threshold could lead to declines towards $1,760 and, in more stressful scenarios, even a rotation towards the $800–$1,000 range if liquidity continued to tighten.
At the same time, momentum indicators supported this cautious outlook. The RSI fell into oversold territory, but without showing clear divergences that would validate a solid reversal. Therefore, daily closes around $2,000 began to act as a practical dividing line: holding it keeps the possibility of stabilization open, while falling below it significantly weakens the technical picture.
Can Ethereum hold the $2,000 level?
In contrast to the technical deterioration, on-chain metrics offered more constructive signals. The net ETH position on exchanges turned negative in February 2026, indicating net withdrawals from trading platforms. Furthermore, whales holding between 10,000 and 100,000 ETH increased their balances by around 15% since August 2025, a behavior historically associated with accumulation phases.
The MVRV Z-Score fell to -0.42, a level that in previous cycles coincided with prolonged periods of position building. Meanwhile, although large holders exhibited intermittent selling in early February, the aggregate pressure appeared to moderate compared to previous months.
Finally, institutional flows showed a partial reversal. While US Ethereum spot ETFs accumulated net outflows of nearly $2.5 billion over the previous four months, they registered an inflow of $57 million on February 9, 2026, following a smaller positive flow at the beginning of the month. Overall, the outlook leads to a balanced conclusion: while the $2,000 support level holds, it preserves the possibility of a recovery.
