- Ethereum whales continue to aggressively accumulate ETH amid falling prices.
- The dip below $2,000 offers an attractive entry point for bulls.
- Ethereum price touched intraday lows of $1,930 on Wednesday, February 11, 2026.
Ethereum has dipped below the $2,000 level again, with a 3% decline in the past 24 hours pushing the top altcoin to lows of $1,930 in early trading on February 11, 2026.
The decline mirrored Bitcoin’s retreat below $67,000, with the bellwether digital asset down 3% over the same period, trading around $66,805.
But despite the strong bearish sentiment across the cryptocurrency market, whales appear unfazed and are using the dip to aggressively add to their positions.
Ethereum whales buy the dip near $2k
On-chain data shows Ethereum has attracted aggressive whale accumulation for several months, despite a sharp decline in the altcoin’s price.
According to details shared by CryptoQuant on X, large holders began ramping up their positions in July 2025.
This trend has continued even as the ETH price plunged from its peak amid a bearish flip in the last quarter of the year, with inflows into accumulation addresses hitting record highs amid sustained buying.
Notably, analysts say the loading up has continued after the ETH price fell below the realized value of accumulation addresses.
This scenario also played out in April 2025, when the Ethereum price plunged to lows of $1,470 amid a broader market correction.
However, bulls quickly recovered as whales bought the dip, and the altcoin’s price went on to touch its all-time high near $5,000 in August 2025.
Recent data shows exchange balances have fallen to multi-year lows, with whales adding to their holdings as retail sells amid broader market panic.
This pattern persists as prices falter in early 2026.
With whales’ buying power intact, current levels are attractive, which has seen entities like Bitmine Immersion Technologies fully take advantage.
The company recently added over 40,600 ETH and currently holds over 4.3 million Ether tokens acquired at an average price of $2,125.
Of this, it has staked over 2.97 million ETH, which accounts for more than 68% of its holdings.
Tom Lee(@fundstrat)’s #Bitmine is still buying $ETH and staking it.
5 hours ago, #Bitmine staked another 140,400 $ETH($282M).
In total, #Bitmine has staked 2.97M $ETH($6.01B), 68.7% of its total holdings.https://t.co/yCucFPLdGs pic.twitter.com/R13lzSIQmE
— Lookonchain (@lookonchain) February 11, 2026
Ethereum price prediction
The crypto fear and greed index hovers in extreme fear territory, which means a short-term bearish outlook.
Ethereum has tapped this sentiment as bulls struggle near $2,000, with the altcoin’s current dollar value more than 60% down since touching the all-time high near $5,000.
On the technical front, prices are below key exponential moving averages (EMAs), and oscillators favour bears.
Ethereum charts formed a death cross in November.
This strengthened on February 5, 2026, when Bitcoin nosedived to $60k, and ETH plummeted past support at $2k to hit new lows near $1,740.
Despite a rebound to above $2k, downward pressure remains, and a pullback to that year-to-date low is possible.
If bears take further control, ETH could target $1,500-$1,300 next.
However, aggressive buying even as ETH falls below realized prices of accumulation addresses indicates a long-term conviction.
Analysts forecast a significant rebound, with institutional demand and network growth driving the next leg up.
On-chain metrics, including ETF inflows, will be key.
Notably, outflows have shrunk since the $1.4 billion in monthly flows exited Ethereum spot ETFs in November 2025, and the current total net assets sit at over $11.7 billion.
Recently, Bitmine’s Tom Lee said he expects a V-shaped recovery for ETH.
