On February 17, 2026, from 14:30 to 14:45 (UTC), ETH price experienced a short-term decline of 1.34%. This fluctuation occurred during a high-liquidity period when European and American markets intersected, accompanied by increased order book volatility, and the market showed a phased wait-and-see attitude toward Ethereum’s future direction. On-chain data indicates that the ETH mainnet saw a net outflow of up to 21,395.6 ETH within the previous 24 hours, significantly reducing short-term market liquidity support and acting as a trigger for this price decline.
The primary driver of this movement was large-scale on-chain fund transfers out of exchanges, further tightening the liquidity available for buy orders. This shift in fund flow reinforced risk-averse actions among some investors. Additionally, since 2025, Ethereum has undergone two major upgrades, including Pectra and Fusaka, with related technological benefits gradually absorbed by the market. Some holders chose to realize profits after the upgrades, creating short-term profit-taking pressure that weighed on the price during critical liquidity moments.
Meanwhile, the Layer 2 network ecosystem continues to expand, with daily transaction volume now surpassing that of the mainnet, and Gas fees dropping to a historic low of around $0.04. The phased decline in mainnet demand and increased fund migration have added selling pressure. Coupled with frequent speculative activities during the European and American market overlap, this amplified the resonance of short-term sell-offs. Additionally, since the beginning of the year, ETH has experienced significant gains, and profit-taking from floating gains has further pressured the price.
Investors should pay particular attention to short-term volatility risks. Monitoring key support levels for ETH and on-chain fund outflows is essential, along with being alert to macro news impacts. Going forward, attention can be given to developments in the Layer 2 ecosystem, changes in mainnet demand, and market behavior during key trading periods, along with more real-time market data and depth information.
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