Ethereum (ETH) is showing significant accumulation as of February 20, 2026, as large transfers off exchanges ease selling pressure. On-chain data indicates that long-term and major holders are accumulating more, which could be bullish for ETH prices in the short term and push them toward specific price targets.
Ethereum Targets Key Upside Gaps
On February 20, 2026, Crypto analyst Ted mentioned that Ethereum now has two gaps on the upside for the CME, and these gaps were at the $2,300 and $2,700 levels. According to Ted, the first gap at the $2,300 level may be achievable in the near term, while the second gap may not be easily achievable.
Ethereum Accumulates Amid Exchange Outflows
Recent data from on-chain transactions has shown that Ethereum is in a state of major accumulation. Analyst BATMAN noted that a lot of ETH is being withdrawn from exchanges, thus reducing the supply for sale. In the past 24 hours, there has been a net outflow of $180.7 million from exchanges, twice the daily average.
This accumulation trend has several implications for the Ethereum market. The decrease in the number of coins being sold could help the price stabilize, as there is less supply available to sell.
The accumulation of Ethereum in cold wallets and decentralized finance platforms could indicate an expectation of long-term holding of the asset. Inflows from public figures have increased 50.8 times the normal rate.
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ETH Strength Surpasses Bitcoin Trend
Comparatively, the accumulation trend for Ethereum over the past 24 hours looks more promising than Bitcoin. This may imply that ETH could gain more momentum in the future if the trend continues.
At the time of writing, ETH is trading at $1,957, with a 24-hour trading volume of $28.32 billion and a market capitalization of $236.13 billion. Over the last 24 hours, ETH has gained 1.55%, reflecting increasing investor interest and on-chain activity.
With the overall market activity showing signs of confidence, Ethereum may be able to reach the first CME gap at $2,300.
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