Ethereum is currently hovering around $1747, with the price continuing to approach the historical support zone of $1600 to $1700. Multiple market indicators suggest that ETH is nearing the lows of previous cycles, but a significant slowdown in large on-chain transactions makes any short-term rebound prospects appear fragile.
The weekly RSI is approaching a low level again.
Market observer CryptoPoseidon noted that Ethereum's weekly RSI has fallen to near its lowest level since the token's inception. Historically, ETH has bottomed out near similar RSI levels on several occasions, including in 2018, 2022, and early 2025.
From the chart, the current weekly RSI is in the 30-40 range, a level that has corresponded to several cycle bottoms in the past. This signal usually indicates weakening downward momentum, but it does not necessarily mean that the price has reversed.
The signs of divergence still need to be confirmed.
The chart also shows that ETH may be forming a bullish RSI divergence on the weekly chart. The price is testing and even briefly breaking below previous support, while the RSI is not simultaneously making a new low. This typically indicates weakening selling pressure, even if the price is still in a downtrend.
However, such divergences are only more meaningful if prices hold key support levels. If subsequent weekly closes can remain above the $1600-$1700 range, the market's assessment of a rebound will be more solidified.
Whale trading volume drops by more than 80%
According to on-chain data cited by Ali Charts, the number of large transactions on the Ethereum network has dropped from 2,194 on June 5 to 294 currently, a decrease of 86.6%.
- There were 2,194 large transactions on June 5th.
- The number of large transactions has decreased to 294.
- The overall decrease reached 86.6%.
A decrease in large-volume transactions typically indicates that major holders are temporarily reducing their trading frequency or awaiting a clearer direction. This diminishes the persuasiveness of current bottoming signals, as stronger rebounds often require simultaneous improvements in spot demand, trading volume, and participation from large investors.
Funding rates turned slightly positive
CoinGlass data shows that ETH futures funding rates have rebounded from previously bearish levels and turned slightly positive. This indicates that bullish demand has recovered somewhat, providing some support for price stabilization.
However, the improvement in funding rates alone is not enough to reverse the overall trend. If ETH cannot hold the $1600 to $1700 range, the historical support logic will be weakened; only if it can regain a higher resistance level can the low signal and potential divergence of the weekly RSI be transformed into a clearer basis for a rebound.
