On February 17, 2026, from 18:15 to 18:30 (UTC), ETH recorded a +1.11% K-line return within 15 minutes, with the price range rising from $1,987.06 to $2,009.13. During the same period, its gains outperformed BTC and other major cryptocurrencies, increasing market attention. Short-term volatility intensified significantly, attracting more capital and trading activity.
The main drivers of this movement stem from large institutional purchases and upcoming network upgrade expectations. Harvard University recently acquired approximately $86.8 million worth of ETH on February 16. Additionally, the imminent launch of the two aggressive scaling upgrades, Glamsterdam and Hegota, in 2026, significantly boosted market confidence in ETH’s long-term scalability and network security, driving capital inflows and short-term price increases.
Meanwhile, the substantial deleveraging at the end of the bear market improved liquidity for mainstream coins, creating a favorable environment for ETH’s slight rebound. On-chain data shows that the whale address “0x6C8” has continuously increased long positions to 45,000 ETH, forming a notable buy pressure within the year. Additionally, 72% of retail traders hold long positions. Coupled with the Federal Reserve’s rate cut expectations, which increased risk appetite, and the shift of funds from crypto concept stocks to mainstream cryptocurrencies, these factors amplified each other’s effects.
It is worth noting that the overall market remains in the late bear market consolidation phase, with ETH’s daily volatility reaching 15%. Short-term trading is highly susceptible to whale strategy adjustments, liquidity changes, and macroeconomic policy expectations. Investors should closely monitor large on-chain fund movements, key support levels, and upcoming global macroeconomic data releases. Caution is advised regarding short-term high volatility environments, including the risks of chasing rallies and subsequent pullbacks. Continued monitoring of capital flows and industry developments is essential for future performance.
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