Ether dropped below the key $2,000 psychological support level, signaling potential for a deeper correction. Analysts point to structural weakness, with price targets as low as $1,750, driven by negative demand metrics and significant liquidations exceeding $111 million.
Ether’s price fell below the $2,000 support level, increasing its risk of a deeper correction. Data from TradingView showed ETH trading near $1,975, a drop of 5% in 24 hours.
This price decline was accompanied by over $111 million in long ETH liquidations. The failure followed an earlier rejection at the $2,200 resistance level.
Trader Onur stated in an X post that “Even with strong long-term narratives, short-term demand still looks thin.” Analyst CryptoWZRD suggested ETH could see a further decline toward the $1,800 support zone.
Analyst Ted Pillows said the drop below $2,100 was “a sign of weakness and shows what’s coming next for ETH.” A close below the 50-day moving average could pull prices toward $1,900 and then the $1,750-$1,850 area.
Ethereum’s Apparent Demand metric from Capriole Investments turned negative, hitting its lowest level since October 2024. The metric recently registered -23,475 ETH, indicating weak demand.
Spot Ether ETFs recorded net outflows for seven consecutive days, totaling approximately $392 million. Global Ether exchange-traded products also saw $27.2 million in outflows last week.
