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Ether (ETH) has traded about 30% below its year-to-date opening of $2,990 as traders become more risk-averse amid global conflict and macroeconomic uncertainty.

Still, strong network usage and increased inflows into ETH storage addresses could provide a spark for the price to finally break the $2,200 resistance.

Main Receptors:

ETH held in wallets has increased by 32% since January, indicating strong long-term confidence.

Staked ETH reached a record 37.85 million, representing more than 30% of supply.

Analysts say ether bulls need to recover $2,200 as support

Adding 6.5 million ETH storage addresses

Although the price of Ether will drop in 2026, network activity has increased, with daily active addresses (DAA) rising to 1.1 million in February, the highest level since December 2022. DAAs rose 80% to 672,170 from 370,390 in the last seven days.

“The increase in ETH active addresses indicates high market activity,” CryptoQuant analyst CW8900 said in a QuickTake note on Friday.

The chart below shows that Ether's recent drop below $2,000 has seen a significant uptick in activity.

“This indicates that the gathering activity was very active,” the analyst added.

A similar movement was consistently observed near the macro bottom before significant ETH price rallies from 2022 onwards.

Additionally, daily inflows to storage addresses have steadily increased since mid-2025, reaching a peak of 1.14 million ETH in November 2025. Earnings continued to grow in 2026, with an average of 200,000 ETH per day rising to over 350,000 on Thursday.

As a result, the number of wallets held in ETH reserves or owners who do not have a history of selling, increased from 20.1 million on January 1 by 6.5 million to 26.55 million, which represents an increase of 32%.

The supply of ETH held in storage addresses is an important indicator for traders and market participants, as it shows overall confidence in Ether's long-term outlook.

The total price of ETH paid further reinforces this view. This week, the supply of Ether held in stock reached an all-time high of 37.85 million, indicating growing investor confidence and a tightening of the liquidity supply. This is over 30% of the total ETH supply.

The growing supply of shares also indicates that a large percentage of investors are preparing to hold ETH for the long term.

According to Cointelegraph, the supply of Ether held on exchanges fell to a new multi-year low of 3.46 million ETH, further strengthening the amount of money on the order books.

Ether's price should turn $2,200 into support.

Data from TradingView shows that ETH is trying to breach the $2,100-$2,200 resistance that suppressed the price last month.

“This has been an important price point for Ethereum's price action over the past two years,” analyst Daan CryptoTrades said in a recent X post.

The ETH/USD pair last held this level back in May 2025. It's up 24 percent in less than a week. In June 2025, the current high of $4,950 reached in August 2025 served as a launching pad for a 126% ETH price rally.

A key area to watch on the downside is $1,750-$1,850, which, if missed, could lower the bottom to $1,000.

“I think we'll see a big move when this breaks from both sides of the range,” added Diane CryptoTrades.

This support area coincides with an upward trendline that has sustained the price on the weekly chart since 2022.

Technical analyst Prof. Capturing this support will trigger a retest of the 21-week EMA at $2,700, 22% above the current price.

According to Cointelegraph, a critical break above the $2,100 resistance and the 50-day EMA at $2,200 will be the bulls' target at $2,600 next.