Svmuu reports that Ethereum continues its weak trend after breaking below the key support level of $2,000. Market analysts warn that short-term "downside pressure" remains dominant, with traders focusing on the defense of the $1,800–$1,750 support zone. CryptoQuant analyst PelinayPA pointed out that ETH's estimated leverage ratio remains relatively high at around 0.74, and the funding rate has been positive since April, indicating crowded long positions despite the persistent price weakness. The RSI is around 31, approaching oversold territory but without a clear reversal signal yet. U.S. spot Ethereum ETFs have recorded net outflows for 13 consecutive trading days, totaling approximately $695 million, with a single-day maximum outflow of about $121 million, reflecting a continued cooling in institutional allocation demand.
Currently, ETH maintains a weak structure against the backdrop of high leverage, crowded longs, and persistent ETF outflows. The short-term risk is biased to the downside, making the $1,800 support level a key observation point for both market sentiment and technicals. (Cointelegrap)