Ethereum Price Outlook for Feb 24: Will ETH Sweep Lows Before a Rebound?

Ethereum faces sustained selling pressure as weak demand raises the risk of a liquidity sweep before any rebound attempt emerges.

Ethereum ($ETH) is trading at $1,828, marking a 2.87% decline over the past 24 hours. The intraday chart shows $ETH initially trading above the $1,900 level before facing sustained selling pressure that pushed price action into a steady downtrend.

After breaking below the $1,880 region, bearish momentum accelerated, leading to a session low near the $1,820 area. The price has since attempted minor stabilization, but it remains firmly in negative territory, reflecting persistent short-term weakness.

Meanwhile, derivatives and volume data highlight elevated market activity. 24-hour futures volume stands at $51.19 billion, significantly outweighing spot volume of $3.38 billion and suggesting that leveraged trading continues to dominate market participation. Ethereum’s open interest is $23.38 billion, indicating substantial outstanding derivatives positions despite the pullback. Can Ethereum finally find a bottom?

Ethereum Price Forecast

Looking at the daily chart, Ethereum is trading just below $1,900 after an aggressive decline from the recent swing high around $3,399 in mid-January to a low near $1,747. The Auto Fibonacci retracement levels highlight how sharply the price has broken through key support zones since the swing high, including the 0.618 ($2,768), 0.5 ($2,573), 0.382 ($2,378), and even 0.236 levels, confirming strong bearish momentum during the selloff.

Ethereum 1D Chart

Price is now consolidating just above the swing low, but remains firmly below the 0.236 retracement near $2,136, which now acts as key resistance. Unless $ETH reclaims that level, the broader structure continues to favor sellers, with the $1,747 swing low remaining a critical support zone to watch.

Momentum indicators reinforce this cautious outlook. Specifically, the True Strength Index remains in negative territory, with both lines hovering around -35 and showing only mild flattening rather than a decisive bullish crossover. While the indicator suggests that downside momentum may be stabilizing after the sharp drop, it does not yet confirm a reversal.

Ethereum Buyers Aren’t Stepping in Yet

In a separate social media commentary, crypto analyst Ted notes how Ethereum has declined toward the $1,800 level. According to him, buying pressure has not meaningfully stepped in at this zone, suggesting that the market may not have found a firm bottom yet.

Ethereum Prediction

The lack of strong demand increases the probability that $ETH could sweep this month’s lows before any sustained recovery attempt begins. He adds that after the possible sweep, Ethereum could show some bounce-back after hitting levels around $1,500.

On his chart, Ted also highlights key resistance zones that could determine the strength of any recovery. The first major barrier sits near $2,097, followed by a broader resistance region around $2,400, with a higher ceiling near $2,800.