ETH slips below $2,000; risks lower low near $1,500 as ETF outflows persist
Ethereum (ETH) is trading near $1,580 after losing the $2,000 psychological level. Analysts say downside pressure remains elevated and ETH could print a lower low if it fails to hold key support around $1,800–$1,750, with $1,700–$1,800 viewed as the next recovery trigger. The latest article also notes ETH is still struggling in the $1,500–$1,600 zone and remains below key monthly support.
Derivatives signals are cooling but not turning bullish. CryptoQuant data cited in the article shows falling open interest (Binance ETH open interest about $1.95B, Gate.io about $1.84B; combined roughly $3.79B), which may reduce crowded leverage and forced-selling risk. Still, leverage easing alone does not guarantee spot buying.
Spot demand is mixed and U.S. spot Ethereum ETFs remain a major headwind. ETFs saw net outflows for seven straight weeks, including about $273M net outflows for the week ending June 26, with BlackRock’s ETHA contributing around $236M. The article links ETF redemptions to ongoing sell pressure on underlying Ether.
Technicals show early stabilization, not a confirmed reversal. RSI remains weak (around 35, below the ~36.6 reference), while MACD histogram has turned mildly positive. Traders generally frame a bullish improvement as reclaiming $1,700–$1,800 and pushing RSI back above 50.
Bearish
ETH’s near-term setup remains fragile. While falling open interest may reduce leverage-driven liquidations, it does not create spot demand. Persistent U.S. spot Ethereum ETF outflows are still pulling sell pressure onto underlying Ether, making rebounds harder. Technically, ETH is below key monthly levels and RSI stays weak, so traders should treat $1,800–$1,750 (and the $1,700–$1,800 recovery zone) as the main line: a breakdown risks continuation toward lower supports, including the $1,550 area highlighted earlier.