After a relatively quiet start to the week, Ethereum fell early on Tuesday, dropping to a low of $1,994. At the time of writing, Ethereum remained in the red, down 1.28% in the past 24 hours to $2,010, and down 12.26% for the week.
As the price of Ethereum falls, a brand new whale contrarian strategy is gaining traction in the market.
Lookonchain reported in a recent tweet that $12.88 million was deposited into the newly created wallet. $USDC Becomes hyper liquid and lasts a long time $ETH With 20x leverage. So far he has opened long 16,270 $ETH Worth $33.38 million. This peculiar behavior has given rise to the following speculations. $ETH Traders are “super bulls”.
another $ETH Super Bull is here.
Newly created wallet 0x6C85, 12.88 million deposited $USDC #Hyperliquid lasts a long time $ETH With 20x leverage.
So far he has opened long 16,270 $ETH($33.38 million) https://t.co/1BJDwmip6z?from=article-links pic.twitter.com/qcS0behdMW
— Lookonchain (@lookonchain) February 10, 2026
“Another $ETH Super Bull is here. 12.88 million was deposited into the newly created wallet 0x6C85 $USDC Longer transition to hyperliquid $ETH With 20x leverage. So far he has opened long 16,270 $ETH($33.38 million),” Lookonchain reported.
Eyeing $2,000?
For the past four days, Ethereum price has been sideways between $1,994 and $2,150, bringing focus to key levels.
According to Ali Charts, Ethereum’s $2,000 mark is gaining attention ($ETH), two potential scenarios are shown: rebound or breakdown.
If Ethereum price decisively closes above $2,150, it could move further up to $2,447. This remains an important barrier as anything above it suggests bearish momentum may be weakening. After that, Ether price could rise to the 50-day SMA of $2,877.
A loss at the $2,000 level could put Ethereum at risk of collapse. If this happens, Ethereum could target $1,750 and then $1,537.
Derivatives data shows a clear risk-off sentiment, coupled with lower open interest rates and negative funding rates.
This week, markets are anticipating data lags due to the partial government shutdown that could impact volatility. Among the key announcements is the January nonfarm payrolls report, which was postponed from last Friday but is now scheduled for Wednesday. All eyes will also be on January’s consumer price statistics, which will be released on Friday. Data on weekly new jobless claims will also be released on Thursday.
