Ethereum shrugs off February 11 FUD as shrinking exchange supply supports dip-buy thesis

On 11 February, Ethereum faced two major bearish headlines, including a $72.5 million loss on a leveraged long and a 64 ETH gas fee transaction, yet its price stayed within a weekly consolidation range. At the same time, exchange balances fell by nearly 100k ETH and over 4.1 million ETH queued for staking, while daily transactions held near 2.8 million with gas fees under 0.2 Gwei. This combination of declining liquid supply and steady on-chain activity suggests that recent fear may be absorbed by bullish participants, turning the current range into a potential dip-buying setup.