Ethereum Faces Continued Downward Pressure Amid Key Support Levels

Ethereum has continued its downward trend after falling below the critical $2,000 support level. According to Odaily, market analysts warn that short-term 'downward pressure' remains dominant, with traders focusing on the defense of the $1,800–$1,750 support range. CryptoQuant analyst PelinayPA noted that Ethereum's estimated leverage ratio remains relatively high at around 0.74, and funding rates have been positive since April, indicating crowded long positions despite weakening prices. The Relative Strength Index (RSI) is approximately 31, nearing oversold territory but not yet signaling a strong rebound. The U.S. spot Ethereum ETF has recorded net outflows for 13 consecutive trading days, totaling approximately $695 million, with the largest single-day outflow reaching about $121 million. This reflects a continued cooling of institutional demand. Currently, Ethereum maintains a weak structure amid high leverage, crowded long positions, and ongoing ETF outflows. The $1,800 support level is a crucial point for market sentiment and technical analysis.