Ethereum's social media activity may hint at rally

Data indicates a recent increase in social media discussions surrounding Ethereum (CRYPTO:ETH), which may signal a potential price rebound.

The social dominance of Ethereum has experienced a notable rise, pointing to renewed interest from social media users.

This metric reflects the share of cryptocurrency-related conversations that involve Ethereum.

Currently, Ethereum's social dominance sits at 9.2%, indicating that almost one-tenth of discussions within the cryptocurrency sector involve ETH in some form.

Despite this increased social media attention, ETH has shown some volatility in February 2025.

During the month, the price of Ethereum declined by 18.16%, beginning at $3,299.50 and closing at $2,700.46.

According to technical analysis, Ethereum has been trading within a consolidation zone between $2,565 and $2,800 for the past couple of weeks.

A 3.5% price decrease in the past 24 hours has pushed Ether to a crucial level, where a further decline could bring the asset near the $2,000 mark.

If ETH fails to maintain this consolidation and falls below the $2,560 level, there is a strong possibility that it could drop by 15% to reach $2,120 in the coming days.

Crypto analyst Ali has noted that Ethereum’s price action appears to be forming an inverse head-and-shoulders pattern, a historically bullish structure.

He emphasised that Ethereum must hold above the $2,700 support level for this pattern to remain valid.

A successful defense of this zone could open the door for a potential rally, with price targets extending as high as $7,000.

At the time of reporting, the Ethereum (ETH) price was $2,707.80.