Ethereum Bounces 4% as Selling Pressure Collapses 90%
Selling pressure on Ethereum has collapsed 90% at the ₱106,834 ($1,840) support level, a metric suggesting bears may be exhausted after sustained downward pressure. The bounce signals traders are watching for confirmation of a potential reversal.
Key Takeaway
Selling pressure collapsing 90% at $1,840 support suggests Ethereum bears may be exhausted.
Ethereum bounced 4% from a recent low of ₱106,834 ($1,840) as selling pressure collapsed by 90%. The drop in selling intensity marks a sharp shift in market dynamics for the second-largest cryptocurrency, with traders watching the ₱106,834 ($1,840) level as a critical support zone. The 90% collapse in selling pressure suggests that bears may be exhausted or taking profits, creating space for a potential reversal.
Ethereum has faced multiple headwinds over the past year, including regulatory scrutiny and competition from faster, cheaper Layer 1 blockchains. The coin briefly reclaimed ₱232,248 ($4,000) in early March 2024 before retreating under renewed pressure from US regulators.
The current bounce comes after Ethereum's 2022 transition to Proof-of-Stake, which cut energy consumption by over 99% and altered the coin's issuance model. The London Hard Fork in 2021 introduced a fee-burning mechanism that has gradually reduced total ETH supply, making the asset deflationary during periods of high network activity. The Shapella Upgrade in 2023 enabled withdrawals of staked ETH, removing a major liquidity constraint.
Ethereum's price movements remain closely tied to Bitcoin, with both assets often moving in tandem during broad market shifts. The 2021 bull run, driven by DeFi and NFT adoption, pushed Ethereum to record highs before the 2022 collapse following the FTX exchange failure. The coin's trajectory since then has been volatile, with traders split on whether the current bounce signals a sustained recovery or a temporary relief rally. Ethereum defended the ₱106,834 ($1,840) technical level with a 4% climb as of February 23, 2026.
This article was written based on reporting from BeInCrypto.
