Analysis: Ethereum Struggles at $1,800 Support Level as ETF Outflows and Increased Leverage Heighten Downside Risk

ChainCatcher reports that after Ethereum fell below the key $2,000 support level, it continued its weak trend. Market analysts warn that short-term “downside pressure” remains dominant, with traders focusing on the defense around the $1,800–$1,750 support zone. According to CryptoQuant analyst PelinayPA, ETH’s estimated leverage ratio remains relatively high at about 0.74, and the funding rate has stayed positive since April, indicating crowded long positions, while the price continues to weaken. The RSI is around 31, nearing oversold but has not yet shown an effective rebound signal. The US spot Ethereum ETF has seen net outflows for 13 consecutive trading days, totaling about $695 million, with the largest single-day outflow at roughly $121 million, reflecting sustained cooling in institutional allocation demand. Currently, with ETH under high leverage, crowded longs, and ongoing ETF outflows, it maintains a weak structure, short-term risk is tilted to the downside, and the $1,800 support has become a key focus for market sentiment and technical analysis.