Ethereum reaches a key level of $2,000, with BitMine adding 40,000 ETH in a single day, revealing institutional movements

Ethereum prices have experienced a significant pullback amid recent market volatility. Data from the Gate platform shows that as of February 10, 2026, ETH is priced at $2,019, down approximately 60% from recent highs. During this correction, well-known Wall Street strategist and BitMine Chairman Tom Lee took an contrarian stance, with his company continuing to make large-scale ETH purchases during the downturn and publicly predicting an V-shaped recovery for Ethereum.

Market Overview: Deep Correction and Technical Rebound for Ethereum

Ethereum is currently at a delicate technical juncture. According to the latest data from Gate, ETH briefly fell below the $2,000 psychological level on February 10, with a 24-hour decline of 3.75%.

Subsequently, the market experienced a technical rebound, with prices climbing back above $2,100. This sharp volatility reflects market sentiment fragility. Derivatives market data reveal a more cautious mood: the annualized premium for two-month ETH futures is about 3%, below the neutral 5% range, indicating risk appetite remains weak. From a macro perspective, Ethereum has underperformed the broader market by about 9% since early 2026.

Wall Street Bulls’ Contrarian Moves: Tom Lee’s ETH Accumulation Strategy

Against the backdrop of a sharp decline in ETH prices, Tom Lee’s firm, BitMine Immersion Technologies, has made notable contrarian moves. The company recently disclosed that it purchased over 40,000 ETH in a single day, increasing its total ETH holdings to approximately 4.325 million.

In light of the market correction, Lee publicly expressed confidence in an V-shaped recovery for Ethereum. He cited historical data indicating that since 2018, ETH has experienced eight declines of 50% or more from recent highs, each followed by a V-shaped rebound. However, Lee’s public statements differ markedly from internal reports from his firm, Fundstrat.

According to Fundstrat’s 2026 crypto outlook report, the firm expects a significant pullback in the first half of 2026, with ETH potentially falling to the $1,800–$2,000 range.

Contrarian Voices: Market Skepticism Toward Tom Lee’s Theory

Not all market observers agree with Tom Lee’s optimistic outlook. Mechanism partner Andrew Kang publicly criticized Lee’s ETH theory, calling it “one of the stupidest theories composed of a combination of financial illiteracy arguments.”

Kang’s main criticism centers on the value accumulation mechanism. He pointed out that while activity in stablecoins and tokenized assets has surged, ETH’s fee revenue has not grown proportionally. Regarding Ethereum’s technical outlook, Kang also holds a different view, suggesting ETH may trade within a long-term range of $1,000 to $4,800 rather than a continuous upward trend as predicted by Lee.

Technical Analysis: Key Price Levels and Market Signals

From a technical perspective, Ethereum is at a critical decision point. According to real-time data from Gate, ETH is currently around $2,019, with a 24-hour trading volume of $378.35 million, indicating ongoing market activity.

Ethereum Real-Time Data Overview (Gate Data, as of February 10, 2026)

Analysts note that ETH/USD is currently testing a long-term upward trend line that has been in place since 2020, which is now around $2,150.

From a technical indicator standpoint, Ethereum’s daily RSI30 has fallen to 32. Historically, outside of the 2018 bear market, this level has often provided long-term investors with low-risk, high-reward entry points.

Future Outlook: Fundamental Drivers for Ethereum

Looking ahead, Ethereum’s price trajectory will depend on multiple factors. Technologically, Ethereum plans to launch a major upgrade called “Glamsterdam” in late 2026, which is expected to significantly reduce Gas fees and increase network throughput.

Macro liquidity conditions will also play a crucial role. Federal Reserve policies, geopolitical developments, and traditional financial institutions’ acceptance of crypto assets could all influence ETH’s price movements.

Valuation-wise, several institutions remain optimistic about Ethereum’s long-term prospects. Standard Chartered previously forecast ETH could reach $12,000 in 2026 and $18,000 in 2027.

Ethereum Price Forecast Highlights

• Short-term support and resistance: key support levels at $2,020–$2,050, with initial resistance at $2,150–$2,165.
• Long-term technical target: if ETH can hold the long-term trendline support, technical analysis suggests potential movement toward $6,190–$6,200.
• Institutional long-term outlook: despite cautious short-term views, Fundstrat’s internal report maintains a long-term target of $4,500 by the end of 2026.

As Ethereum fluctuates around $2,000 on the Gate platform, BitMine’s holdings have quietly risen to industry-leading levels. Meanwhile, the discrepancy between Fundstrat’s internal report and Tom Lee’s public statements highlights Wall Street’s complex sentiment—“long-term bullish but cautious in the short term” on crypto assets. The Ethereum network continues to evolve, with daily trading volumes in the millions and active addresses remaining high. Every dip on the price chart could become a strategic entry point in hindsight. Ultimately, the market’s direction will be determined by ongoing on-chain transaction validation, developer ecosystem growth, and global capital flows.