Ethereum price issues rare bottom signal as whale activity collapses

According to market data from crypto.news, Ethereum is trading near $1,747 at the time of writing, but the price remains close to key historical support areas around $1,600 to $1,700.

This level served as the base during previous Ethereum drawdowns.

The latest weekly chart shared by CryptoPoseidon showed that $ETH This support is being tested after a significant drop from the 2025 high near $4,800. The price continues to form highs and lows, meaning that the trend has not yet confirmed a reversal.

Weekly RSI returns to historic lows

Cryptoposeidon stated that Ethereum’s weekly RSI is at its lowest level since the token generation event. he added: $ETH It has bottomed around similar RSI levels four times in the past.

“Either $ETH If it doesn’t bottom out here, it will go to zero. There is nothing in between,” he wrote.

This graph supports the first part of its view more than the second part. $ETHThe weekly RSI is around the 30-40 region, with previous cycle lows formed in 2018, 2022, and early 2025. $ETH Going to zero is rhetorical. This chart shows possible decision zones rather than binary outcomes.

Discrepancies require confirmation

The chart also $ETH A weekly bullish RSI divergence may be forming. The price is testing the previous support or is slightly below it, but the RSI seems to be holding near or above the previous low. This could dampen downside momentum even though prices remain under pressure.

As crypto.news previously reported, $ETHA bearish RSI divergence near $2,400 in the pair warned of weakening momentum ahead of the recent decline. According to a previous crypto.news report, $ETHEthereum broke below the ascending channel and lost short-term support, increasing the risk at $1,800.

Whale activity weakens bullish view

According to Ari Charts, whale activity on the Ethereum network has decreased by 86.6% from 2,194 large transactions on June 5 to 294 today. A decrease in large trades could indicate that major holders are less active, either because they are waiting for a clearer direction in the market or because they are reducing their exposure to short-term volatility.

This decline makes the bullish setup no longer clean. Typically, the appearance of oversold technical signals along with increased whale activity, increased spot demand, and improving volume increases the credibility of a strong bottom. For now, the RSI settings indicate that sellers are drying up, but the whale data does not yet show any confirmation of large holders.

Fundraising shows vulnerable emotions

CoinGlass-based funding data shows: $ETH Futures sentiment has improved from recent extreme bearish conditions. Funding has turned slightly positive after a temporary red spike, meaning long demand is starting to return. If the price holds support, this could support a pullback.

Still, funding alone is not enough. Previous crypto.news report showed Ethereum cold zone $ETH A strong close above resistance was needed to change the broader trend. The same applies. $ETH The $1,600-$1,700 zone needs to be defended and higher levels regained before traders can treat the RSI divergence as confirmed.

Therefore, the current configuration is mixed. Ethereum has a rare weekly RSI bottom signal, with improved funding and potential for a bullish divergence.

At the same time, prices continue to trend downward and whale activity is sharply decreasing. If the weekly close is above support, the rebound case will persist, but below $1,600 the historic bottom pattern will weaken.