A $500M whale sell-off and ongoing spot-ETF outflows pressured ETH into a tight $1,900–$2,100 range this week. On-chain accumulation by large holders contrasts with episodic selling, leaving ETH vulnerable to liquidation cascades near key levels while a decisive break above $2,150–$2,200 would open the path to $2,300–$2,500.

A rapid sell-off pushed Ether down ~34.5% to an intraday $1,850 low amid heavy futures liquidations and notable spot ETF redemptions; on-chain activity and network fees spiked as traders rushed to unwind positions.

Ethereum plunged sharply in early February 2026 after concentrated futures liquidations and notable ETF redemptions. Over the past week ETH suffered roughly $1–1.15 billion in forced liquidations (with $961M on Feb 1 and another major day on Feb 3), plus $308M in ETF outflows and 600k+ ETH moved to exchanges. The sell-off broke key support zones near $2,550–$2,600 and pushed price below $2,200, increasing short-term downside risk while highlighting critical support and resistance levels traders should watch.

Ethereum slipped about 9% during Jan 19–26 even as on-chain activity hit multi-million daily transactions, staking remained stable and futures volumes rose. This article parses price drivers, on-chain signals and near-term levels traders should monitor.

Ethereum fell about 10% last week even as record institutional inflows and renewed ETF interest poured into ETH products. Higher trading volume, Layer‑2 activity and a spike in transactions paint a mixed picture: strong structural demand versus short‑term technical headwinds and spam-driven on‑chain activity.

This article analyzes Ethereum's price and volume moves over the past week, linking them to the BPO‑1 upgrade that expanded blob capacity, sharply reduced Layer‑2 fees, and coincided with elevated trading volume and short-term price swings. It also covers regulatory signals and what traders should watch next.