Analysis: Ethereum is under pressure at the $1,800 support level, with ETF outflows and increased leverage amplifying downside risk.

Odaily Planet Daily News: After Ethereum broke below the key $2,000 support level, it continued trading in a weak trend. Market analysts warn that short-term “downward pressure” remains dominant, and traders are focusing on the defense of the $1,800–$1,750 support zone. CryptoQuant analyst PelinayPA noted that ETH’s estimated leverage ratio remains relatively high at around 0.74. Funding rates have stayed positive since April, indicating crowded long positions, but the price has continued to weaken; the RSI is about 31, close to oversold but without an effective rebound signal yet. The US spot Ethereum ETF has recorded net outflows for 13 consecutive trading days, totaling approximately $695 million, with the largest single-day outflow around $121 million, reflecting a continued cooling of institutional allocation demand.

Against the backdrop of high leverage, crowded longs, and ongoing ETF outflows, ETH is maintaining a weak structure. In the short term, the risk is skewed to the downside, and the $1,800 support level has become a key observation point for market sentiment and technical analysis. (Cointelegrap)