Ethereum, the second largest cryptocurrency by market capitalization, could be heading for its worst February, with prices already down 23% this month. Historically, February has been bullish for ETH, with only one red month in 2018. However, this year seems to be shaping up as an exception, as ETH struggles under intense market pressure and macroeconomic uncertainty.
At the time of writing, ETH was down 12% in the last 24 hours to $2387, mirroring a broader market sell-off. Bitcoin fell to $87,611, its lowest level since Nov. 15. Other cryptocurrencies also plummeted, with Ethereum, XRP and Solana down sharply for the session.
$ETH could be heading for its worst February if it drops below $2400. 📉
Historically, February has been bullish for ETH, with only one red month in 2018. But with a 23% drop already, this could be another exception.
Macroeconomic uncertainty, including new tariffs from the… pic.twitter.com/YyW5ZhIv7V
— Spot On Chain (@spotonchain) February 25, 2025
According to CoinGlass data, more than $1.34 billion in bullish crypto positions were liquidated on derivatives markets in the last 24 hours. Per Spot On Chain, if ETH falls below $2,400, it could experience deeper losses, culminating in its worst February on record. With ETH trading below this key level, the focus is on where the price of ETH will go next.
What indicators and analysts suggest
According to Ali, a crypto analyst, one of the most critical support levels for Ethereum now sits at $2,300.
According to a recent Glassnode analysis, the ETH Cost Basis Distribution (CBD) shows multiple cost bases have been moving lower, indicating investors have been accumulating on the way down. Accumulation zones show key support at $2,632, with 786,660 ETH held at this level and resistance at $3,149, where 1.22 million ETH are being held. This trend suggests that investors are averaging down, accumulating ETH at lower prices rather than completely exiting positions.
In a recent tweet, CryptoQuant CEO Ki Young Ju shares some bullish thoughts on ETH.
First, there is no significant sell pressure post-Bybit hack as on-chain and market data remain neutral. Exchange selling takes time, and OTC offloads have little effect on the price.
Second, Ethereum controls 56% of the stablecoin market cap, with the possibility that firms may use ETH-based stablecoins and smart contracts more in 2025 due to a favorable regulatory outlook.
With the Ethereum spot ETF already in place, the CryptoQuant CEO predicts regulatory tailwinds that could trigger a “Large Cap ETF altseason,” boosting ETH this year.
Lastly, whales are accumulating; 10,000-100,000 ETH wallet balances are up 24% over the past year, mainly from wallets under 1,000 ETH. The current price is nearing the cost basis of accumulating addresses.
