Ethereum traded near $2,115 after losing nearly 12% over the past seven days, with the daily chart now showing a bearish rounded top. The token repeatedly failed to hold above $2,400, then rolled over into a distribution pattern. That leaves $2,150 as the main resistance level, while downside targets are being discussed in the $1,850 to $1,900 area.
ETF outflows and weaker large-holder conviction weigh on ETH
U.S. spot Ethereum ETFs have been under steady selling pressure. The source material says the products logged a long streak of net outflows, with about $215 million leaving over the past week; another figure in the same report puts the weekly withdrawal at roughly 114,871 ETH, worth around $244.79 million. Either way, a key source of institutional buy-side liquidity has weakened while Bitcoin continues to attract more inflows.
On-chain positioning also softened during the correction. Whale addresses holding sizable ETH balances reportedly fell from around 1,100 to nearly 1,030. At the same time, the ETH/BTC ratio slid toward 0.027, its lowest reading this year, showing Ethereum has lagged behind Bitcoin as capital shifted toward the larger and relatively safer asset.
Leverage builds around resistance near $2,150
Derivatives data has sharpened focus on the current range. CoinGlass liquidation heatmaps show dense leverage between $2,150 and $2,170, creating a clear liquidity barrier above spot price. If Ethereum pushes back through that area, short positions could be forced to close, opening the door to a fast move toward $2,250.
The downside setup remains fragile. Large liquidation pockets are still visible below $2,050 and around the $2,000 psychological level, which means a break lower could trigger more long liquidations across perpetual futures. Lookonchain also flagged a trader who opened a 23x leveraged Ethereum short worth more than $100 million, involving about 47,600 ETH with a liquidation price near $2,149, almost exactly where current resistance is concentrated.
Technical structure stays negative unless ETH reclaims key levels
On the chart, the rounded top appears to have developed from mid-April into late May. After repeated failures near $2,400, momentum faded and the neckline around $2,150 flipped into resistance. Ethereum is still trading below the Supertrend resistance near $2,318, below the 50-day moving average at $2,264, and under a falling 200-day moving average near $2,541. Those levels keep the broader trend tilted lower.
Based on the rounded top projection, the breakdown target sits in the $1,850 to $1,900 range. Analyst Ted Pillows said ETH bounced from $2,000 but was rejected at $2,150; a reclaim of that zone could send price quickly toward $2,250, while another failure would put $2,000 back in play.
Bulls are still defending the lower boundary for now, but funding rates have turned negative again and open interest remains elevated. That combination shows leveraged positioning is still active. In the short term, Ethereum remains boxed between heavy resistance at $2,150 and vulnerable support near $2,000.