Analysis: Ethereum Faces Pressure at $1,800 Support; ETF Outflows and Rising Leverage Increase Downside Risk

According to Odaily, Ethereum has continued its weak performance after breaking below the key support level of $2,000. Market analysts warn that short-term "downward pressure" remains dominant, with traders closely watching 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 continuous price decline. The RSI is around 31, nearing oversold territory but has yet to form a valid rebound signal. U.S. spot Ethereum ETFs have recorded net outflows for 13 consecutive trading days, totaling approximately $695 million, with a single-day outflow of around $121 million. This reflects a sustained cooling in institutional allocation demand.

Currently, ETH remains in a weak structure under the backdrop of high leverage, crowded longs, and persistent ETF outflows. Short-term risks are skewed to the downside, making the $1,800 support level a key observation point for both market sentiment and technical analysis. (Cointelegraph)