Ethereum (ETH) Price: Bulls Struggle to Hold Ground as Risk-Off Sentiment Weighs on ETH

TLDR

• ETH is trading around $2,095–$2,110, below key moving averages
• Retail wallets sold 110,000 ETH last week, continuing a sell-off since November
• US spot ETH ETFs recorded ~$216M in net outflows for a second straight week
• The Coinbase Premium Index dropped further, pointing to weak US buying sentiment
• Derivatives traders are buying the dip, with futures open interest rising above 15M ETH

Ethereum is holding just below $2,100 on Monday, up about 1% on the day but struggling to build any real upward momentum. The price slipped below $2,110 and the 100-hourly Simple Moving Average after failing to hold the $2,120 level.

Retail wallets holding between 100 and 1,000 ETH offloaded 110,000 ETH last week. This selling pattern has been running since November, pointing to continued pressure from smaller investors cashing out.

Whale wallets, those holding between 1,000 and 100,000 ETH, showed minimal movement last week. That’s a shift from the prior week when they were also selling, which could mean larger holders are close to done distributing.

Analyst Ted Pillows flagged the price action on social media, warning that ETH’s failure to reclaim the $2,150 level is a bearish signal. “This is not a good sign and shows more weakness could be on the way for Ethereum,” he posted.

ETH is also stuck below its average onchain cost basis for both retail and whale cohorts, which sits between $2,200 and $2,500. That range is acting as a ceiling, with sellers emerging as prices approach their break-even points.

US Sentiment Remains Weak

The Coinbase Premium Index dropped further last week, continuing a slide that started in late April. This metric tracks the price difference between Coinbase and other exchanges and is used as a gauge of US buyer demand. A falling reading suggests US investors are not stepping in to buy.

US spot ETH ETFs added to that picture, posting roughly $216 million in net outflows for a second consecutive week. The products are also on a ten-day outflow streak, according to SoSoValue data.

On the daily chart, Ethereum sits below its 20-, 50-, and 100-day EMAs, clustered between $2,183 and $2,308. The RSI is near 39, pointing to weak demand. The Stochastic Oscillator is recovering from oversold territory but upside may be limited with those moving averages overhead.

Key Levels to Watch

Immediate resistance sits at $2,110, then $2,120 and $2,150. A break above $2,220 could open the door to $2,250 or $2,320.

On the downside, support is at $2,075, then $2,060. A drop below that could push ETH toward $2,020 and $2,000. If those levels fail, $1,940 is the next major support.

Despite the weak price action, ETH futures open interest climbed above 15 million ETH and funding rates stayed positive, per Coinglass data, suggesting derivatives traders are still buying dips.

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