Ethereum's price has confirmed a bearish 'death cross' technical pattern on its weekly chart, signaling a potential deepening of its downtrend. The leading altcoin is trading around the key psychological support level of $2,000, which is roughly 40% below its yearly high. This decline follows a period of significant liquidations and broader macroeconomic headwinds.
The technical outlook is further weakened by the asset respecting a descending parallel channel pattern since mid-August 2025. With the price now below the 23.6% Fibonacci retracement level near $2,200, analysts suggest a drop toward the April 2025 low of $1,380 is possible, representing a potential 30% decline from current levels.
This bearish sentiment is mirrored in institutional demand. Data reveals that spot Ethereum ETFs have experienced net outflows for a fourth consecutive month. Cumulative outflows over this period have surpassed $2.6 billion, with an additional $278 million leaving the funds so far in February. This persistent capital flight erodes a key support mechanism for ETH's price during volatile periods.
However, the broader ETF flow picture reveals a nuanced market rotation rather than a wholesale crypto exit. On February 18, U.S. spot Bitcoin ETFs recorded net outflows of $104.87 million, equivalent to roughly three days' worth of newly mined Bitcoin supply being sold in a single session. Major issuers like BlackRock and Fidelity were net sellers of BTC.
In a clear sign of capital rotation, these same institutions were simultaneously buyers of Ethereum. BlackRock, for instance, sold 1,740 BTC while adding 11,465 ETH. Overall, Ethereum spot ETFs saw net inflows of $25.74 million for the day. Capital also flowed into other altcoin ETFs, with Solana (SOL) attracting $2.19 million and Avalanche (AVAX) seeing $4.26 million in inflows. Assets like XRP and DOGE registered zero net flows.
