The trend context stays weak. Ethereum price remains below its 50-day and 200-day EMAs, which now act as overhead resistance. RSI has bounced off its lows but still sits below the neutral 50 level, signaling that buyers have not regained control.

A breakdown below pennant support near $1,950 would confirm bearish continuation.

The measured-move target from the flagpole points to roughly $1,200, implying about 40% downside from current levels. A sustained breakout above pennant resistance would invalidate the setup.

On-chain data tracked by Arkham shows wallets labeled “Garrett Jin” depositing 261,024 ETH (around $543 million) to Binance in several large tranches over minutes.