#ETH BlockBeats News, February 17 — Despite ETH declining approximately 20% since February and briefly falling below the $2,000 psychological level, on-chain data and derivatives structures indicate the market is brewing a potential rebound. On-chain data shows that over 2.5 million ETH were transferred to long-term holding addresses in February, with the holdings of related addresses increasing from 22 million to 26.7 million since 2026. Meanwhile, approximately 37.22 million ETH (over 30% of circulating supply) are currently staked, with circulating supply continuously shrinking. The network's fundamentals have also significantly improved, with weekly transaction counts reaching a record high of 17.3 million, and median Gas fees dropping to $0.008, about 3,000 times lower than the peak in 2021. On the technical side, ETH on the 4-hour chart may be forming an "Adam and Eve bottom" reversal pattern. If the price effectively breaks through the $2,150 neckline, the target range is projected to be $2,473–$2,634. If it loses recent high and low structure, $1,909 will be a key short-term liquidity level.