Ethereum has fallen 23% over the past month, and the broader market structure has weakened at the same time. A major shift has appeared in the market-cap rankings: Tether has climbed to $186.06 billion, moving ahead of Ethereum at $185.66 billion. It is the first time USDT has surpassed ETH by market value.
Analyst Ted Pillows said Ethereum is testing bottom levels again as momentum stays weak during the wider market correction. In his view, a move back above $1,750 could open the door to a short relief rally next month. The daily chart still reflects heavy pressure. After breaking below the uptrend line formed in February, ETH lost the $1,900 and $1,800 support zones and fell to the $1,550 area.
Large Ethereum holders are now underwater
CryptoQuant data shows that all major Ethereum investor groups, including wallets holding more than 100,000 ETH, are currently sitting on unrealized losses. The last time that happened was in 2019, a period that aligned with a long-term bottom for ETH.
Historically, broad capitulation among large holders has tended to appear closer to market bottoms than to the start of a deeper slide. Smaller whale cohorts do fall into losses from time to time, but it is unusual for the biggest wallets to move into negative territory together.
Over the last three weeks, the Estimated Leverage Ratio dropped from 1.11 to 0.85. That points to a wave of leveraged positions being closed or liquidated, which may reduce part of the downside pressure on ETH.
ETF outflows continue as development funding draws concern
Capital flows remain weak. SoSoValue data indicates that spot Ethereum ETFs are heading toward a seventh consecutive week of net outflows, and the current week could mark the largest withdrawal from spot ETH ETFs since January.
Protocol Guild coordinator Trent Van Epps also raised concerns about funding for core development. After five years at the Ethereum Foundation, he said roughly $30 million per year is needed to maintain essential development work, while current reserves may not reliably meet new demands. He added that Protocol Guild has distributed about $40 million to developers over the past four years, but said that amount is still insufficient. In his view, new institutional participation may be needed in the coming months.
Support and resistance levels tighten for ETH
On the technical side, ETH support is now seen at $1,510 and $1,500, while resistance stands at $1,710 and $1,774. The MACD has turned negative again, with the signal line at -78.35.