"ETH Plunges 23% in February, Worst Month Since 2018"

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is on track for its worst February performance, with prices already down 23% this month. Historically, February has been a bullish month for ETH, with only one red month in 2018. However, this year seems to be an exception, as ETH struggles under intense market pressure and macroeconomic uncertainty.

At the time of writing, ETH was down 12% in the last 24 hours to $2387, mirroring a broader market sell-off. Bitcoin fell to $87,611, its lowest level since Nov. 15. Other cryptocurrencies also plummeted, with Ethereum, XRP, and Solana down sharply for the session.

According to CoinGlass data, more than $1.34 billion in bullish crypto positions were liquidated on derivatives markets in the last 24 hours. If ETH falls below $2,400, it could experience deeper losses, culminating in its worst February on record. With ETH trading below this key level, the focus is on where the price of ETH will go next.

Ali, a crypto analyst, suggests that one of the most critical support levels for Ethereum now sits at $2,300. A recent Glassnode analysis shows that the ETH Cost Basis Distribution (CBD) indicates investors have been accumulating on the way down. Accumulation zones show key support at $2,632, with 786,660 ETH held at this level and resistance at $3,149, where 1.22 million ETH are being held. This trend suggests that investors are averaging down, accumulating ETH at lower prices rather than completely exiting positions.

CryptoQuant CEO Ki Young Ju shares some bullish thoughts on ETH. First, there is no significant sell pressure post-Bybit hack, as on-chain and market data remain neutral. Exchange selling takes time, and OTC offloads have little effect on the price. Second, Ethereum controls 56% of the stablecoin market cap, with the possibility that firms may use ETH-based stablecoins and smart contracts more in 2025 due to a favorable regulatory outlook. With the Ethereum spot ETF already in