Ethereum (ETH) has seen significant market activity despite a 20% price drop in February. On-chain data reveals that investors are accumulating ETH, with accumulation addresses increasing their holdings by over 2.5 million ETH, bringing the total to 26.7 million ETH. Additionally, over 30% of the circulating supply, amounting to 37,228,911 ETH, is staked. In the derivatives market, ETH open interest is at $11.2 billion, with high leverage at 0.7. Hyblock data indicates that 73% of global accounts are long on ETH. A liquidation heatmap shows over $2 billion in short positions clustered above $2,200, while $1 billion in long positions are near $1,800. The most recent dense liquidation cluster is at $1,909, with $563 million in long positions. Technical analysis suggests an "Adam and Eve" bottom pattern, with a potential breakout above $2,150 possibly leading to a rise toward the $2,473–$2,634 range.