Ethereum Surges Above $2,100, Up 10.9% in 24 Hours

Ethereum (ETH) rose to over $2,100 on 2026-02-06, marking a 10.9% gain in 24 hours. This follows a three-day inflow streak for crypto funds, adding $1.21 billion to net assets under management. The recovery appears to be attracting renewed investor interest amid broader market turbulence.

Technical analysis shows the Relative Strength Index (RSI) climbing to 24 on the daily chart, signaling a potential rebound. However, the Moving Average Convergence Divergence (MACD) remains below its signal line, reinforcing bearish momentum. Traders are watching for the red histogram bars to contract, which could boost bullish bets and extend the current ETH recovery.

Institutional activity suggests growing confidence in Ethereum's long-term value. Bitmine Immersion, a major Ethereum treasury firm, increased its holdings to 4.28 million ETH, with a value of $10.1 billion at the time of publication. Bitmine's chairman Thomas Lee emphasized that the recent price dip is an opportunity, given Ethereum's strengthening fundamentals.

What Drives the ETH Recovery

Market conditions have seen Ethereum's price rebound from $1,748, which is considered a key support level. The 50-day, 100-day, and 200-day EMA lines remain in a downtrend, indicating bearish bias. However, the current RSI and Stochastic Oscillator readings in oversold territory may suggest a potential reversal.

The price surge has coincided with significant institutional buying and accumulation. Bitmine Immersion has added $374 million in annual staking revenue potential by increasing its staked ETH holdings to 2.89 million across three staking platforms. This strategy underscores the firm's long-term bullish outlook.

How Are Markets Reacting to the ETH Move

The broader crypto market has experienced mixed signals. The total market cap increased to $2.65 trillion in 24 hours, but this rebound is losing momentum near a key resistance level. Bitcoin, which is up from its 15-month low at $60,000, is still trading below $78,000 and faces resistance at the $70,000 level.

Retail and institutional investors remain cautious. According to CoinShares data, global crypto fund investments declined by $1.696 billion last week, with Ethereum seeing a $308 million outflow. This indicates bearish sentiment, with the market transitioning into an 'extremely bearish' phase.

What Are Analysts Watching Next

Analysts are closely monitoring Ethereum's ability to break above $2,350. If ETH sustains this level, it could test $2,630 and eventually approach $2,880. A breakdown below $2,150, however, could send the price down to $1,730.

The RSI and MACD indicators are in oversold territory, suggesting the market may be due for a correction. A sustained rebound in these indicators could validate the current ETH recovery and provide further upside momentum.

Investor attention is also on Bitmine Immersion, which has experienced $6.95 billion in paper losses due to the recent ETH decline. The firm's continued accumulation suggests long-term conviction in Ethereum's value proposition despite short-term volatility.

The market is also watching for further institutional adoption and regulatory clarity. With the U.S. and global regulators continuing to evaluate crypto policies, any significant regulatory developments could influence Ethereum's price trajectory in the coming weeks.