On February 28, 2026, from 07:00 to 07:15 (UTC), ETH prices surged rapidly within 15 minutes, with a volatility of 1.56%. The lowest price was $1,835.12 USDT, and the highest was $1,863.79 USDT, with a return of +1.10%. Market attention significantly increased, and short-term trading activity drove heightened volatility.
The main drivers of this movement were large whale accumulation and a substantial concentration of on-chain holdings. On-chain data shows approximately 2.5 million ETH flowing into “in-only” whale addresses, greatly increasing the concentration of holdings. This indicates strong market recognition of the current price range. Meanwhile, net outflows from exchanges and shrinking circulating supply strengthened price support. In the derivatives market, leverage structures changed, with some short positions being squeezed out, while longs actively pushed prices higher, creating room for a rebound and further boosting spot prices.
Additionally, on-chain activity indicators reached a six-month high, with over 380,000 new wallets added daily, and continuous inflows of new funds providing demand support. ETH’s 365-day MVRV ratio dropped to -37%, hitting a historic extreme negative level, attracting medium- and long-term value investors to buy at lows. Social sentiment was extremely pessimistic, with negative comments reaching new highs. After panic sentiment was released, it often led to a wave of selling pressure, triggering rebounds. Moreover, Bitcoin market dominance saw capital rotation, with some funds flowing into ETH during Bitcoin consolidation, and multiple factors resonated to amplify the price movement.
Current short-term volatility risks remain, as profit-taking may cause localized pullbacks. It is recommended to monitor network activity, on-chain fund flows, key support and resistance levels, and macro policy developments continuously. Investors should be cautious of emotional swings and sudden events that could cause sharp fluctuations, and closely track the latest market trends and on-chain indicators.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Vitalik: EIP-8141 is expected to be implemented within a year, fully resolving the account abstraction issue
Ethereum's Vitalik introduced the EIP-8141 proposal on the X platform, aiming to address issues related to account abstraction (AA), with the core being "frame transactions." This mechanism supports various transaction scenarios, enhances security, and complements FOCIL to accelerate transaction execution. After years of research, the related technology is expected to be implemented through the Hegota fork within a year.
GateNews28m ago
Analysis: The Ethereum MVRV indicator shows that the price has entered a long-term bottom zone.
ChainCatcher message, according to analyst @alicharts, the current Ethereum MVRV (Market Value to Realized Value ratio) has dropped to 0.78. Historically, when the MVRV ratio falls below 0.8, ETH is usually near a long-term bottom. However, the market is still in a phase of heavy distribution.
@alicharts suggests that if selling pressure continues, the potential support levels are: $1800, $1584, $1238, and $1089.
GateNews34m ago
In the past 24 hours, the entire network's contract liquidations reached $382 million, mainly from long positions.
PANews February 28 News, CoinAnk data shows that in the past 24 hours, the total liquidations in the cryptocurrency market across all contracts reached $382 million, including $277 million in long positions and $105 million in short positions. The total liquidation amount for BTC was $148 million, and for ETH it was $90.29 million.
GateNews48m ago
ETH Drops Hard on Middle East Tensions – Machi Big Brother Faces Fresh Liquidation
_ETH falls to $1,859 amid Israel–Iran conflict while Machi Big Brother is liquidated again and major holders reduce reserves._
A sharp rise in Middle East tensions pushed Ethereum into another deep pullback, and it triggered heavy liquidations across leveraged traders.
The market reaction
LiveBTCNews1h ago
[Midnight Market Briefing] Cryptocurrency market fluctuates... Bitcoin $64,449, Ethereum $1,888
The cryptocurrency market is experiencing a downward correction, with Bitcoin and Ethereum falling by 2.20% and 2.86% respectively. The performance of mainstream altcoins is mixed. The total market capitalization is approximately $2.23 trillion. Both the DeFi market and stablecoins have seen slight declines. Strategically, it is necessary to consider whether the decline should be viewed as a buying opportunity.
TechubNews1h ago
ChatGPT Predicts the Price of Bitcoin and Ethereum if the Clarity Act Passes
Bitcoin price is around $63,903, and Ethereum price is near $1,859 right now. A new law called the Crypto Clarity Act is expected to be introduced by March 1. This law could change how the United States treats crypto. That matters because clear rules can affect BTC price and ETH price in a
CaptainAltcoin1h ago
