Ethereum is approaching the upper trendline of the symmetrical triangle, holding steady at $1,900 amid ETF selling pressure

Ethereum is currently trading around $1.97K, reflecting a fragile balance in the tug-of-war between long-term investors and short-term selling pressure. After a 10% decline last week, ETH is testing the $1,900 support level—an important psychological and technical milestone within a symmetrical triangle pattern. This move occurs amid significant outflows from spot Ethereum ETF products, suggesting institutional investors are shifting their strategies.

Ethereum ETF Outflows Exhausted – Warning Signs from $129M Net Withdrawals

According to data from SoSoValue, on February 11, spot Ethereum ETFs experienced net withdrawals of $129.18 million—one of the largest outflows since these products launched. This figure is notable because it indicates a shift in sentiment, from previous periods when institutions were actively buying.

Fidelity’s FETH led the outflows with $67.99 million sold, while other products from BlackRock (ETHA) and Grayscale also saw smaller but still significant net outflows, contributing to a broader negative trend. Total assets under management now stand at $11.27 billion, representing 4.78% of Ethereum’s market cap.

Although net inflows still total $11.75 billion, the growth rate has slowed considerably. This largely explains the dip below $2,000—when both spot and ETF capital turn negative, prices tend to follow downward. The distribution of selling across multiple issuers indicates this isn’t isolated activity but a systemic trend across the ETF ecosystem.

Symmetrical Triangle on the Chart – When the Triangle’s Apex Becomes a Technical Battleground

On the daily chart, Ethereum has broken below all key moving averages (EMA 20 at $2,388, EMA 50 at $3,182, and EMA 100 at $3,003). The price is forming a symmetrical triangle, with the triangle’s apex around $1,595—near the middle of the Bollinger Bands. This suggests the market is in a consolidation phase, with buying and selling forces balanced before a potential breakout.

Key technical signals include:

• Supertrend indicator shows a downtrend at $2,472, confirming bearish momentum
• Price has broken below the psychological $2,000 level, a key level many traders watch
• The downtrend line from August’s peak continues to cap any recovery attempts
• The $1,900 zone acts as immediate psychological support, where buyers are beginning to step in

Ethereum’s loss of the 20-day EMA at the end of January and failure to reclaim it signals a shift: the structure has moved from accumulation to breakdown. A daily close above $2,388 could reverse the EMA 20 indicator and signal initial exhaustion, but current momentum remains downward.

On the 1-hour chart, ETH is trapped within a symmetrical triangle pattern, with price compressed near the top at $1,976. The Parabolic SAR at $1,986 acts as immediate resistance. RSI at 54.36 is neutral but shows signs of recovery after previously hitting oversold levels. The price has formed higher lows since the $1,830 base, indicating buying pressure attempting to establish a new support floor within the downtrend.

2026 Network Upgrades Not Yet Reflected in Price – The Gap Between Expectations and Reality

Ethereum has two major upgrades scheduled before 2026. The Glamsterdam upgrade, expected in the first half of 2026, will introduce Proposer-Builder Separation to improve MEV fairness and censorship resistance. Following that, Hegota at the end of 2026 will deploy Verkle Trees to enhance state access and scalability.

Developers are currently testing on blob-devnet-0 to enable mainnet to store more blobs, although some Prysm and Lighthouse clients still face integration issues. The bals-devnet-2 testnet launched on February 4, with epbs-devnet-0 expected to deploy by the end of February—significant steps forward in protocol development.

However, these technical improvements have yet to be reflected in price action. The current market reflects short-term selling pressure and institutional sentiment shifts rather than expectations of upcoming network upgrades. If ETF flows stabilize and technical levels hold, the upgrade narrative could become a supportive catalyst as 2026 approaches and investors start pricing in these enhancements.

Two Possible Scenarios for Ethereum – Breakout or Continued Decline

The symmetrical triangle pattern is typically resolved with a move roughly equal to its height. With price compressed between $1,900 and $2,100, a clear breakout in either direction could trigger significant volatility.

Bullish scenario: If ETH can close above $2,000 on high volume and ETF inflows improve, this would reverse the triangle pattern and bring the $2,150 resistance back into play. Reclaiming the EMA 20 at $2,388 would confirm bearish exhaustion and open the door for a broader recovery. In this case, the triangle’s apex would be surpassed, removing it as a resistance.

Bearish scenario: A breakdown below $1,900 would confirm continuation of the downtrend, targeting $1,750. If selling pressure intensifies, the risk could extend toward the triangle’s high at $1,595. Losing $1,900 would mark a new multi-month low and fully confirm the bearish structure.

The next move depends on two key factors: whether ETH can hold $1,900 in this support battle, and whether ETF capital flows stabilize or continue to exit. The combination of institutional money and technical structure—especially the triangle’s apex—will determine Ethereum’s near-term outlook in the coming weeks.