TLDR
Ethereum’s active addresses and transaction counts have started declining after two months of record growth
US selling pressure is easing, with ETH spot ETFs seeing $6.8 million net inflows this week
However, February 19 saw a $130 million single-day net outflow from ETH spot ETFs, led by BlackRock’s ETHA at $96.8 million
ETH is trading at $1,950, consolidating between $1,740 support and $2,107 resistance
Accumulation addresses are growing at one of the fastest rates on record, and the staking queue has reached 3.82 million ETH
Ethereum’s on-chain activity surged to record highs over the past two months, even as ETH’s price dropped 42%. Active addresses and transaction counts both hit peaks during that stretch.
But that growth has now stopped. Over the past week, both metrics have begun to turn lower, coinciding with a period of price consolidation.
ETH is currently trading at $1,950, down 0.2% in the past 24 hours. The price has been stuck in a range for roughly two weeks, bouncing between support at $1,740 and resistance at $2,107.
The 20-day Exponential Moving Average sits at $2,157 and is sloping downward, which continues to cap any price rebounds. The Relative Strength Index stands at 33, near oversold territory.
A close above $2,107 would open the door toward $2,388. A drop below $1,740 could push price toward $1,524.
ETF Flows Send Mixed Signals
On February 19, Ethereum spot ETFs saw a net outflow of $130 million in a single day. BlackRock’s ETHA led the outflows, shedding $96.8 million. Grayscale’s Ethereum Mini Trust followed with $18.4 million in outflows.
On Feb. 19 (ET), spot Bitcoin ETFs recorded a total net outflow of $166 million, marking the third consecutive day of net outflows. Spot Ethereum ETFs saw total net outflows of $130 million, with BlackRock’s ETHA leading at $96.80 million in net outflows. https://t.co/Hj2Gs49bWa pic.twitter.com/fNPHmfvyVJ
— Wu Blockchain (@WuBlockchain) February 20, 2026
Despite that one-day figure, ETH spot ETFs have seen net inflows of $6.8 million so far this week, suggesting the single-day outflow may not reflect a sustained trend.
Total net assets across all Ethereum spot ETFs currently stand at $11 billion. Cumulative net inflows since launch have reached $11.525 billion.
Similar fractal, different timeframe.$ETH. pic.twitter.com/u5QHwqWhyI
— Ted (@TedPillows) February 19, 2026
Futures and Staking Activity
On Binance, ETH’s Net Taker Volume has stayed negative since January. This means sell-side pressure from futures traders has been persistent throughout the year.
The Coinbase Premium Index, which tracks the price difference between Coinbase and other exchanges, remains negative. However, it has improved slightly from its lows earlier this month, pointing to a gradual easing of US-based selling.
-1771547358059-1771547358061.png&w=1536&q=95 "Ethereum (ETH) Price: Climbs Higher as US Selling Pressure Eases - What's Next? 3")
Accumulation addresses have been buying ETH at one of the fastest rates on record during the price decline. The staking queue has also grown, with 3.82 million ETH now waiting to enter active staking.
BlackRock’s ETHA holds a cumulative net inflow of $11.873 billion despite the recent daily outflow. The total ETF net asset ratio stands at 4.67% of Ethereum’s total market cap.
