Ethereum’s downturn in late January and February saw its price plummet towards the $1,924–$1,801 support zone, where the selling pressure ultimately began to ease. As the price momentarily surged close to $1,801, buyers entered the market with vigor, safeguarding the yellow support level and averting a more significant decline. Soon after, the price found stability around $1,924, a level that has historically proven to attract demand time and again. At this moment, the RSI has bounced back to 51.48, indicating that the bearish momentum is diminishing as buyers slowly reestablish their dominance.
Nonetheless, Ethereum continues to trade beneath significant trend indicators. The 20-day EMA approached $2,042, while the 50-day EMA hovered around $2,289, both serving as dynamic resistance levels. This indicates that sellers are still active during price rebounds. As the recovery unfolds, traders are now closely monitoring the $2,111–$2,150 resistance cluster, where the recent bounce is nearing the upper boundary of a forming bearish pennant structure. If buyers manage to reclaim this zone, momentum may push towards the $2,250–$2,300 range. In the meantime, a setback in this area could push the price down to $1,900, where it would likely retest the defended accumulation floor.
Following Ethereum’s bounce back from the $1,850–$1,900 demand zone, spot and exchange-flow signals reveal the entities that backed this upward movement. The Coinbase Premium Index has returned to positive territory, hovering around +0.01, indicating that ETH has experienced a slight uptick on U.S. exchanges. The persistence of this premium indicates consistent spot bidding activity, rather than a temporary surge from retail investors. In the meantime, Binance activity has ramped up, aligning with the volatility regime of the rebound.
The 30-day ETH turnover surged to approximately 29.6 million ETH, marking the highest level since September. As of now, Binance reserves are hovering around 3.5 million ETH, indicating that the market has recycled the available supply several times. This increase raised the Liquidity Ratio to approximately 8.47, indicating significant repositioning and elevated speculative activity.