Feb.20-Feb.26(ETH)Weekly market recap

Last week, the market popularity revolved around the Restaking and Points sectors. Many whales buy ETH and participate in restaking protocols like EigenLayer. This has increased the popularity of Ethereum, Optimism, Arbtirum and other chains, and the price of ETH has increased. Let ETH get out of the independent market. In the BTC ecosystem, Merlin Chain’s staking has driven BTC. This has also led to a interesting phenomenon. We have noticed from Glassnode that more and more funds are flowing into the crypto market, but they have not flowed into CEX, but may have entered staking or restaking to HODL.

ETH has been rising at an almost constant slope in February. It is rare to completely lead the increase of ARB and OP, so we define this time as a Restaking wave.

On the daily level, ETH is undoubtedly maintaining its bullish trend. The WTA indicator shows that whales have appeared on a large scale. Although it is not significant, it is better than BTC.

At the 4h level, we can see on the WTA indicator that whales appear on almost every bullish buildup as ETH rises. The ME indicator maintains the bullish trend.

To sum up, we believe that ETH’s rise is unlikely to end here. We maintain last week’s resistance level 3300 and support level 2700.

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