On February 28, 2026, from 07:00 to 07:15 (UTC), ETH prices surged rapidly within 15 minutes, with a volatility of 1.56%. The lowest price was $1,835.12 USDT, and the highest was $1,863.79 USDT, with a return of +1.10%. Market attention significantly increased, and short-term trading activity drove heightened volatility.
The main drivers of this movement were large whale accumulation and a substantial concentration of on-chain holdings. On-chain data shows approximately 2.5 million ETH flowing into “in-only” whale addresses, greatly increasing the concentration of holdings. This indicates strong market recognition of the current price range. Meanwhile, net outflows from exchanges and shrinking circulating supply strengthened price support. In the derivatives market, leverage structures changed, with some short positions being squeezed out, while longs actively pushed prices higher, creating room for a rebound and further boosting spot prices.
Additionally, on-chain activity indicators reached a six-month high, with over 380,000 new wallets added daily, and continuous inflows of new funds providing demand support. ETH’s 365-day MVRV ratio dropped to -37%, hitting a historic extreme negative level, attracting medium- and long-term value investors to buy at lows. Social sentiment was extremely pessimistic, with negative comments reaching new highs. After panic sentiment was released, it often led to a wave of selling pressure, triggering rebounds. Moreover, Bitcoin market dominance saw capital rotation, with some funds flowing into ETH during Bitcoin consolidation, and multiple factors resonated to amplify the price movement.
Current short-term volatility risks remain, as profit-taking may cause localized pullbacks. It is recommended to monitor network activity, on-chain fund flows, key support and resistance levels, and macro policy developments continuously. Investors should be cautious of emotional swings and sudden events that could cause sharp fluctuations, and closely track the latest market trends and on-chain indicators.
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