Svmuu reported that Ethereum has fallen below the $2,000 mark for the first time since March. Despite the continued price weakness, social media data shows that retail "buy the dip" sentiment is still heating up. Santiment points out that historically, overly optimistic retail sentiment often indicates the market has not yet bottomed, and genuine buying opportunities usually emerge during periods of market panic.
Meanwhile, institutional and whale funds continue to reduce positions. Data shows that U.S. spot Ethereum ETFs have seen cumulative net outflows exceeding $470 million since May 7; the Harvard University endowment fund recently liquidated approximately $87 million worth of ETH holdings, and Bankless co-founder David Hoffman has also disclosed selling his ETH position.
On-chain data platform Glassnode shows that whale addresses holding over 10,000 ETH have reduced their holdings by more than 5% since 2026. However, BitMine, under Tom Lee, still holds approximately 5.21 million ETH, accounting for about 4.31% of the total supply.
On the technical side, ETH has broken below the ascending wedge structure. Analysts believe it may further test the $1,750 area, representing a potential decline of about 18% from current prices. (Cointelegraph)