February 28 News: Ethereum is currently fluctuating around $1,950, down about 4% in the past 24 hours, approaching the seven-day lower boundary. Over the past month, ETH has declined by approximately 35%, still about 60% below its all-time high of $4,946. The daily trading volume is around $22.5 billion, a 25% decrease from the previous day, indicating a clear cooling of market participation and a cautious attitude among investors.
On-chain analyst Darkfost pointed out that the buy-sell ratio in the derivatives market is experiencing subtle changes. During ETH’s recent rally, the futures buy-sell ratio remained below 1 for an extended period, with the monthly reading dropping to 0.95 and the weekly average falling to 0.92, showing persistent seller dominance and amplifying downward pressure on prices. With futures trading volume holding around $65 billion, derivatives are significantly influencing the spot price.
Recent data shows the ratio gradually rebounding toward 1, with multiple daily peaks exceeding 1.12, reflecting increased active buying. The monthly reading has risen to around 0.99, easing previous supply-demand imbalances. If the buy-sell ratio remains above 1, it indicates that bulls are gaining the upper hand in short-term futures positions, which could help stabilize Ethereum’s price.
From a technical perspective, ETH has been forming lower highs and lower lows since breaking below $3,000, indicating a continued bearish trend. The current price is below the middle band of the Bollinger Bands, with the midline around $1,980 to $2,000, serving as short-term resistance. The Bollinger Bands, after a significant expansion, are now converging, suggesting volatility is decreasing. The RSI has rebounded from the oversold zone of 25-30 to about 40, showing some momentum recovery but not yet confirming a trend reversal.
Key support levels are at $1,850 to $1,880. If broken, the price could decline toward $1,700 to $1,750. Resistance levels are at $2,000 first, followed by a strong zone between $2,120 and $2,200. For investors monitoring Ethereum’s price movements and technical signals, changes in the buy-sell ratio and trading volume will be important indicators for identifying potential turning points.
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