Ethereum traded near $1,747 at press time, according to the crypto.news market data, while price remained close to a major historical support area around $1,600 to $1,700.
The level has acted as a base during several previous Ethereum drawdowns.
The latest weekly chart shared by CryptoPoseidon showed $ETH testing this support after a broad decline from its 2025 high near $4,800. Price has continued to form lower highs and lower lows, meaning the trend has not yet confirmed a reversal.
Weekly RSI returns to historic bottom zone
CryptoPoseidon said Ethereum’s weekly RSI is at its lowest level since the token generation event. He added that $ETH has bottomed four times near similar RSI levels in the past.
“Either $ETH bottoms here, or it’s going to zero. Nothing in between,” he wrote.
Ethereum’s weekly RSI is at its lowest level since the TGE. Historically, $ETH has bottomed four times at these exact levels, and it is currently forming its first weekly bullish RSI divergence.
Either $ETH bottoms here, or it’s going to zero. Nothing in between. pic.twitter.com/W6fASxwRK7
— Poseidon (@CryptoPoseidonn) June 17, 2026
The chart supports the first part of that view more than the second. $ETH’s weekly RSI is near the 30–40 area, where previous cycle lows formed in 2018, 2022 and early 2025. However, the claim about $ETH going to zero is rhetorical. The chart shows a possible decision zone, not a binary outcome.
Divergence needs confirmation
The chart also suggests $ETH may be forming a weekly bullish RSI divergence. Price is testing or slightly undercutting prior support, while RSI appears to be holding near or above its earlier low. That can show weaker downside momentum even as price remains under pressure.
As crypto.news reported earlier, $ETH’s bearish RSI divergence near $2,400 warned that momentum was weakening before the latest decline. According to an earlier crypto.news report, $ETH’s $1,800 risk grew after Ethereum broke below an ascending channel and lost short-term support.
Whale activity weakens the bullish case
Ali Charts said whale activity on the Ethereum network fell 86.6%, from 2,194 large transactions on June 5 to 294 today. A drop in large transactions can show that major holders are less active, either because they are waiting for clearer market direction or reducing exposure to short-term volatility.
Whale activity on the Ethereum $ETH network has dropped by 86.6%, falling from 2,194 large transactions on June 5 to just 294 today. https://t.co/v14HY5p1hq pic.twitter.com/LYQQcEJ8f7
— Ali Charts (@alicharts) June 17, 2026
That decline makes the bullish setup less clean. A strong bottom usually gains more credibility when oversold technical signals appear alongside stronger whale activity, higher spot demand and improving volume. For now, the RSI setup points to seller exhaustion, but whale data does not yet show broad large-holder confirmation.
Funding shows fragile sentiment
CoinGlass-based funding data shows $ETH futures sentiment has improved from recent bearish extremes. Funding has turned slightly positive after a period of red spikes, meaning long demand has started to return. This can support a rebound if price holds support.
Still, funding is not enough on its own. In a previous crypto.news report, Ethereum’s cold zone showed $ETH needed stronger closes above resistance to change the broader trend. The same applies. $ETH needs to defend the $1,600–$1,700 zone and reclaim higher levels before traders can treat the RSI divergence as confirmed.
The current setup is therefore mixed. Ethereum has a rare weekly RSI bottom signal, improving funding and a possible bullish divergence.
At the same time, price remains in a downtrend and whale activity has dropped sharply. A weekly close above support would keep the rebound case alive, while a breakdown below $1,600 would weaken the historical bottom pattern.
