Ethereum Trades in Demand Zone as Rebound Stays Corrective; CPI Volatility Eyed

Ethereum's rebound from last week's low appears overlapping and corrective, lacking a clean five-wave impulsive confirmation, and downside risk remains without a decisive break above the weekend high on Feb. 13, 2026, More Crypto Online reports. The price is trading inside a technically significant demand zone, with recent liquidation-driven moves leaving scope for sharp countertrend bounces; short-term volatility and false breaks in both directions remain possible around macro events, and US CPI data is scheduled for release today. On-chain data show the realized price for accumulation addresses has maintained a steady uptrend since 2018 as long-term holders continued accumulating and their average entry price rose; historically, major cycle bottoms formed when market price approached or briefly dipped below this realized price, including in 2018–2019 and in 2022. A decisive break below the realized price would place many accumulation addresses underwater, while the "orange scenario" still allows another leg lower and keeps the structure defensive until an impulsive break higher, and most whales are "deep underwater" on ETH, Gerla said on Feb. 12, 2026.