Ethereum $ETH is currently weathering a period of intense selling pressure, reflecting the broader "risk-off" sentiment across the crypto landscape. As of February 23, 2026, Ethereum is trading near $1,880, having suffered a steep monthly decline of approximately 34%. This downturn is largely attributed to a combination of macroeconomic shocks, including a sudden 5% hike in U.S. import tariffs and significant net outflows from Ethereum ETFs, which saw over $110 million in withdrawals in a single day last week. Despite the price drop, the network remains fundamentally active, with the Ethereum Foundation recently confirming the Hegota upgrade for late 2026, which aims to enhance protocol-level censorship resistance through "Inclusion Lists" (FOCIL).

Technically, Ethereum is testing critical psychological and historical support zones. After breaking below the $2,200 mark, which has now flipped into a formidable resistance level, ETH has entered a "deep correction" phase. The Relative Strength Index (RSI) is currently hovering between 31 and 33, signaling that the asset is deeply oversold but lacks the immediate buying momentum for a sustained reversal. Most major moving averages (50-day and 200-day EMA) are positioned well above the current price, suggesting that any short-term recovery may face "sell-the-rally" pressure until the $2,100 zone is reclaimed.

MetricCurrent Value (approx.)Price$1,880Market Cap$226 BillionDominance9.2%Fear & Greed Index8 (Extreme Fear)Key Support$1,800 - $1,850Key Resistance$2,000 - $2,200

Looking forward, Ethereum's path depends on its ability to hold the $1,800 "lifeline." A breach below this level could trigger a wave of liquidations, potentially pushing the price toward the $1,500 mark. However, long-term institutional targets remain optimistic, with some analysts viewing this "extreme fear" phase as a generational entry point ahead of the Glamsterdam and Hegota upgrades.

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