Ethereum has dropped to $1,814 after 16 consecutive days of spot ETF outflows, bringing the $1,800 level into sharp focus as the final major support before deeper losses.
$1,800: The Last Stand
Market analyst Ted Pillows identified $1,800 as the last support zone before potential new lows for Ethereum. He noted the price approached that region during the session. Others echoed the warning: CrypDoMillions said losing $1,800 could drag ETH to the $1,600 range, and BitFrog called the area weak. The daily RSI has plunged to 21, deep in oversold territory. While such readings can sometimes trigger a bounce, the current selling stress is severe.
ETF Exodus and Weak US Demand
Spot Ethereum ETFs have recorded outflows for 16 straight trading days, the longest streak since their launch in July 2024, according to SoSoValue. Cumulative outflows have reached $847 million. Meanwhile, the Coinbase Premium Index — measuring the price gap between Coinbase and Binance — dropped to -0.16 on May 28, signaling that US investors are selling at lower prices than global peers. Analyst Inoms said US demand remains subdued.
Long-Term Holders Join the Sell-Off
On-chain data reveals selling pressure beyond short-term traders. The ETH Age Consumed metric, which tracks movement of long-dormant tokens, spiked in the past 48 hours, indicating older investors are moving their coins. A large portion of these transactions were reportedly closed at a loss. Persistent losses since April suggest many holders are capitulating. Globally, Ethereum-focused investment products saw $257 million in outflows last week alone.
Derivatives Market Flashing Warning Signs
In derivatives, open interest remains above 15 million ETH and funding rates stay positive, despite falling prices. CryptoQuant analyst Arab Chain warned that this optimistic positioning could lead to forced liquidations. If selling continues, heavily leveraged longs are vulnerable to a sudden unwind. Glassnode data shows little demand support between $1,800 and $1,250, with significant backing only near $1,200. Technically, Ethereum trades below its 20-, 50-, and 100-day exponential moving averages, with other support levels at $1,740, $1,524, and $1,404.