Ethereum is currently trading near $1,747, close to a major historical support area around $1,600 to $1,700. This level has acted as a base during several previous Ethereum drawdowns.
Historical Context
The latest weekly chart shows ETH testing this support after a broad decline from its 2025 high near $4,800. Price has continued to form lower highs and lower lows, meaning the trend has not yet confirmed a reversal.
CryptoPoseidon noted that Ethereum’s weekly RSI is at its lowest level since the token generation event, and historically, ETH has bottomed four times near similar RSI levels. However, the claim that ETH will go to zero if it does not bottom here is rhetorical, and the chart shows a possible decision zone, not a binary outcome.
Technical Indicators
The chart suggests ETH may be forming a weekly bullish RSI divergence, with price testing or slightly undercutting prior support, while RSI appears to be holding near or above its earlier low. This can show weaker downside momentum even as price remains under pressure.
Whale Activity
Ali Charts reported that whale activity on the Ethereum network fell 86.6%, from 2,194 large transactions on June 5 to 294 today. A drop in large transactions can show that major holders are less active, either because they are waiting for clearer market direction or reducing exposure to short-term volatility.
Market Sentiment
CoinGlass-based funding data shows ETH futures sentiment has improved from recent bearish extremes, with funding turning slightly positive after a period of red spikes. However, funding is not enough on its own, and ETH needs to defend the $1,600–$1,700 zone and reclaim higher levels before traders can treat the RSI divergence as confirmed.
Current Setup
The current setup is mixed, with Ethereum having a rare weekly RSI bottom signal, improving funding, and a possible bullish divergence. At the same time, price remains in a downtrend, and whale activity has dropped sharply. A weekly close above support would keep the rebound case alive, while a breakdown below $1,600 would weaken the historical bottom pattern.
Based on reporting from crypto.news.