The weekend market looks quite calm on the surface, and many friends might feel they can take a breather, but frankly, the undercurrent beneath Ethereum is more turbulent than imagined.

Right now, ETH is grinding in the $1570 to $1580 range, seemingly stable, but the pressure it faces has not eased at all. Many people hope every day that it can reclaim the key recovery zone of $1800, but the reality is harsh—spot demand is as weak as stagnant water, not to mention the two mountains pressing down: ETF outflows and whale sell-offs.

Looking at ETFs first, according to Sosovalue data, U.S. spot Bitcoin and Ethereum ETFs recorded net outflows for the seventh consecutive day on June 26. Among them, Bitcoin ETFs saw net outflows of about $445 million, while Ethereum ETFs had net outflows of $12.848 million. Although the absolute outflow for Ethereum seems small, the seven consecutive days of bleeding are indeed a significant blow to an already fragile market sentiment.

What’s most troubling is the activity of large holders. Analyst Ali Martinez pointed out that over the past week, large holders have sold off roughly 550,000 ETH. Think about it—at current prices, that’s equivalent to dumping nearly $880 million of new supply into the market. With so much selling pressure and spot buying unable to absorb it, how can the price rise?

ETH is now repeatedly testing the support level at $1583. If this level is lost, the downside space may be completely opened up, and we could face a deeper correction.

To be honest, looking at the current chart, I’m also conflicted. On one hand, whales are aggressively selling, creating maximum short-term pressure. On the other hand, if it truly breaks below $1583, it might instead create a long-term golden pit. What do you all think—will ETH hold this support, or is it headed all the way down?

The above content represents only personal views and does not constitute any investment advice. DYOR, NFA.

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