Ah, Ethereum, the digital darling that’s currently skating on thin ice just below the $2,000 mark. It’s less of a support level and more of a stubborn ceiling, like a troll blocking the bridge to prosperity. “You shall not pass!” it seems to sneer, while ETH holders mutter, “But we really need to.”
- ETH has been sliding like a buttered penguin, down 40% this month alone. Brrrr.
- Some clever folks with charts say the price might be bottoming. Or is it just napping?
- Technical wizards insist the bulls must reclaim the $2,150-$2,200 zone, or it’s back to the igloo.
Ethereum was trading at $1,981, up a measly 1% in the past 24 hours. It’s been wobbling between $1,907 and $2,098 like a drunkard on a tightrope, taking a breather after a wild selling spree. One might say it’s caught in a “cold zone,” though it’s more like a freezer aisle at this point.
The market’s slide has been sharper than a witch’s nose. In the past month, ETH has plummeted 40% and is now 60% below its August 2025 high of $4,946. Activity is slowing too, with spot trading down 32% to $22 billion. Even the derivatives market is yawning, with futures volume dropping 5.7% to $38 billion. Traders are hibernating, apparently.
Open interest is also down, which means traders are cutting risks faster than a wizard cuts through paperwork. No one’s betting on a breakout-they’re too busy clutching their blankets.
On-chain data: Brrr, it’s cold in here
On Feb. 17, the wise folks at Alphractal declared Ethereum’s “Market Temperature” is nearing Arctic levels. This isn’t just a chill-it’s a full-on frostbite warning. Their metric, a magical brew of MVRV Z-Score, RVT, and NUPL, says the market is oversold. Or, as they put it, “colder than a dwarf’s sense of humor.”
Ethereum Market Temperature is near cold levels
The Market Temperature is a composite indicator combining:
• MVRV Z-Score (40%)
• RVT (30%)
• NUPL (30%)It measures whether the market is overheated or oversold.
When it approaches zero or drops below, it signals that the…
– Alphractal (@Alphractal) February 16, 2026
Historically, when this metric hits zero, speculative frenzy freezes over. Emotions cool, valuations reset, and unrealized gains vanish like a thief in the night. But fear not! Previous cycles suggest this icy period could set the stage for long-term growth. After all, even dwarves come out of their mines eventually.
Meanwhile, CryptoQuant’s CW8900 spotted Ethereum whales sitting on unrealized losses comparable to previous cycle bottoms. Yet, they’re still accumulating like squirrels hoarding nuts. No profits taken, just a stubborn belief in a future rally. Or perhaps they’re just gluttons for punishment.
Technical analysis: Charting the frost
ETH is stuck in the $1,900-$2,100 “cold zone,” with daily candles so tiny they could be mistaken for snowflakes. Traders are as cautious as a cat in a room full of rocking chairs. Lower highs and lows dominate the chart, a bearish trend that’s as stubborn as a mule.
Earlier this year, ETH was shoved below $3,000 faster than a goblin fleeing sunlight. No higher high has emerged to signal a reversal, leaving bulls shivering in the shadows.
The 20-day moving average, also the Bollinger Bands’ middle, looms above ETH’s current value like a dark cloud. The upper band’s downward slope near $2,650 adds to the bearish gloom. Momentum is weaker than a wet paper bag, with the RSI bouncing between oversold and “meh.”
A slight recovery from $1,800 to $1,900 has occurred, but it’s more of a corrective hiccup than a true rally. No bullish engulfing candles or volume surges-just the market catching its breath before the next slide.
Key resistance levels are $2,150-$2,200, $2,650, and $2,800. On the downside, $1,900 is the first line of defense. Below that, $1,750-$1,800 awaits, with $1,600 as the next icy pit stop.
If bulls can push above $2,150-$2,200 and nudge the RSI above 50, ETH might aim for $2,400. But if $1,900 cracks, it’s a slippery slope to $1,700-$1,600. Bundle up, folks-it’s going to be a chilly ride.
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2026-02-17 11:06