ETH trades below its 50-, 100-, and 200-day exponential moving averages, all sloping downward. These levels now act as resistance. Meanwhile, the Relative Strength Index sits below 50, signaling weak momentum despite a modest bounce from oversold levels.
If ETH breaks below pennant support near $1,900, the measured-move target points toward the $1,550 zone. That level also aligns with a previous horizontal support area, strengthening its technical importance.
A breakout above the upper pennant boundary would invalidate this setup. Until then, downside risk remains elevated.
ETH Whale Data Signals ETH Bottom is Near
Ethereum’s on-chain data suggests the market may be approaching a bottoming phase, but potentially only after another dip.
As of Feb. 16, the ETH Whales Unrealized Profit Ratio has slid toward breakeven or loss territory. The metric tracks unrealized profits for wallets holding roughly 1,000 to 100,000+ ETH by comparing their holdings against the estimated cost basis.