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ETH drops below $2000 as retail investors continue "buying the dip," but the market may further decline to $1750

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Deep Tide TechFlow News, May 28, according to Cointelegraph, Ethereum fell below the $2,000 mark for the first time since March. Despite the continued weakness in price, data shows that retail investors' "buy the dip" sentiment is still heating up. Santiment pointed out that historically, overly optimistic retail investor sentiment often indicates that the market has not yet bottomed out, and true buying opportunities usually appear during market panic. On-chain data platform Glassnode shows that since 2026, the holdings of whale addresses with over 10k ETH have decreased by more than 5%. However, Tom Lee's BitMine still holds about 5.21 million ETH, accounting for approximately 4.31% of the total supply. On the technical side, ETH has broken below the ascending wedge pattern, and analysts believe it may further decline to the $1,750 region, which is about an 18% drop from the current price.
ETH-0.7%
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