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Ethereum (ETH) is seeing renewed buyer interest amid the recent rally that pushed the price above $2,000.
Data on the chain shows that whales accumulate the second largest cryptocurrency. Meanwhile, the Coinbase Premium Index moved above zero for the first time since early January.
Ethereum recovers $2,000 as cryptocurrency market extends mid-week rally
The digital currency market continued its gains today, continuing The upward trajectory that It started on Wednesday. The price of Ethereum increased by about 8% in the same period. At the time of publication, The altcoin was circulating At $2054.
The analytical platform of the chain Santiment noted that the 30-day market ratio to the realized value (MVRV) of the major cryptocurrencies changed significantly after the demonstration, which indicates that the market is rebalancing. After a period of reduction.
The MVRV metric compares the market value to the realized market value, providing insights into the average profitability of the holders. Ethereum, in particular, has moved from highly undervalued status to slightly undervalued territory, with its MVRV currently at -5.5%.
The rise of ETH causes massive buying by whales
Accompany the recovery Noticeable whale activity. I have confidence Blockchain analytics company Lookonchain reported that whale address 0xAb59 invested $14.57 million. To acquire 7,008 eth At an average price of $2,079.
In addition, retire 0x166f Whales routed 20,000 AA worth $38.25 million from Binance and Deribit in a 2-hour period. The large-scale exchange withdrawal included five transfers, the largest of which was 8,000 ETH from a Binance hot wallet.
US investor demand is also showing signs of improvement. According to CryptoQuant data, the Ethereum Coinbase Premium Index has crossed zero.
During most of January and early February 2026, the index, which measures the price difference between Ethereum on Coinbase and Binance, remained distinctly negative. This generally indicates weak buying pressure from US investors During periods of weak prices.
The current reading shows ETH trading at a slight premium to Coinbase. This generally reflects stronger buying pressure from US investors, including institutional participants, Compared to foreign markets.
“Most of the moments when the ETH Coinbase premium was positive was followed by an upward trend. Now, the Coinbase premium has risen to 0. We have reached a critical turning point.” books One of the analysts.
Meanwhile, some derivatives traders have also benefited from the growth of ETH. appears Data shared by OnchainLens shows that Machi’s ETH trading price has returned to profit, now rising to more than $760,000.
Separately, the company closed known Under the name “pension-usdt.eth”, he placed long positions in ETH and BTC, earning about $1.16 million.
For now, the momentum seems positive, but whether it can be sustained in the coming weeks remains to be seen.
