On February 24, 2026, from 03:00 to 03:15 (UTC), ETH recorded a -0.64% candlestick return during a period of high liquidity, showing a continuous slight decline. Amid the recent overall bearish market environment, ETH’s price tested the lower support level during this period without a significant rebound, and increased volatility has attracted market attention. Although the short-term decline was not extreme, it reflected the overall pressure on mainstream cryptocurrencies.
The main drivers of this movement were sustained large-scale capital outflows and structural technical downturns. Over $2.5 billion in weekly net capital outflows, represented by stablecoins, ETFs, and derivatives, weakened buying capacity and created bearish pressure. Meanwhile, ETH’s daily and 4-hour charts display typical bear market patterns, with MACD and RSI indicators in the dominant selling zone. Multiple technical indicators show support levels being broken, indicating strong structural downward momentum.
Additionally, open interest in derivatives markets has decreased, liquidation events in DeFi lending protocols have surged, and leveraged positions have been passively liquidated, amplifying spot selling pressure. On-chain ecosystem activity remains subdued, with ETH’s mainnet net burns totaling $381 million this week and DeFi TVL dropping 13.5%, indicating continued weakening of on-chain capital flows. Recent security incidents within the Ethereum ecosystem combined with macro policy expectation shifts have further undermined market confidence, with short-term price movements amplified by multiple factors.
Currently, ETH is in a structurally weak position, and traders should be cautious of intensified short-term volatility and the potential further breach of key support levels. Going forward, attention should be paid to on-chain capital flows, ETF subscriptions and redemptions, DeFi TVL, and technical signals such as MACD, RSI, and capital flow directions. Users should remain alert to the risk of leveraged liquidations, on-chain security incidents, and macro sentiment changes that could trigger a new round of selling pressure, and stay updated with real-time market and risk information.
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