Ether ($ETH) dropped to $1,814 on Wednesday, its lowest in over 14 weeks, raising concerns about whether the $ETH/USD pair can stabilize above key liquidity zones near its multi-year lows at $1,800.
$ETH/USD 1-hour chart. Source: Cointelegraph/TradingView
Key takeaways:
- Ether fell to a 14-week low near $1,800, with traders warning a breakdown could trigger deeper losses toward $1,200-$1,600.
- The Coinbase Premium Index hit its lowest level since February, signaling persistent weakness in US spot demand.
- Spot Ethereum ETFs logged sixteen straight days of outflows.
Ether sits on weak support at $1,800
Ether’s technical structure has weakened after losing support at $2,000 and $2,200. Note that all the major moving averages lie within this zone on the daily chart.
Today, $ETH traded as low as $1,814 on Bitstamp, while the daily relative strength index (RSI) fell to 25, its lowest level since Feb. 6, highlighting strong downside pressure and oversold conditions.
Related: Bitmine buys $52M $ETH as Tom Lee says price not yet showing Ethereum’s strength
However, this might also mean that the sellers are losing momentum, suggesting a possible price rebound from current levels, akin to the 39% rebound seen in February.
$ETH/USD daily chart. Source: Cointelegraph/TradingView
Traders say Ether’s bullishness hinges on the $ETH/USD pair holding above the crucial $1,800 support.
“$ETH almost tapped the $1,800 level today,” analyst Ted Pillows said in a Wednesday post on X, adding:
“This is the last support zone for Ethereum before new lows.”
An accompanying chart revealed that a break below $1,800 would bring areas below $1,700 into the picture.
$ETH/USD daily chart. Source: X/Ted Pillows
Additionally, fellow analyst CrypDoMillions said losing $1,800 would send $ETH price lower toward $1,600.
$ETH/USD daily chart. Source: X/CrypDoMillions
Not all traders had confidence in Ether’s ability to remain above $1,800, with analyst BitFrog saying that “$ETH is on life support” at current levels, adding:
“Bulls better wake up fast. $1,800 looks shaky, honestly.”
The Entity-Adjusted UTXO Realized Price Distribution (URPD) metric, showing at which prices the current set of $ETH UTXOs were created, shows that $ETH trades above a relatively open zone between $1,800 and $1,250, where there’s less demand.
This means $ETH may move more into this range if the sell-off continues, with the downside possibly capped at $1,200. This is where investors acquired more than 1.4 million $ETH.
$ETH: Entity-Adjusted URPD. Source: Glassnode
Meanwhile, Ether’s cost-basis distribution heatmap shows weak accumulation between $1,200 and $1,800, suggesting a potential pathway toward the lower zone in the short term.
Ether’s Coinbase Premium falls to February levels
The Ethereum Coinbase Premium Index, which tracks the price difference between $ETH on Coinbase and Binance, dropped to -0.16 on May 28, before recovering to -0.13.
A deeply negative premium confirms that the selling pressure is originating from US entities. The last time the metric was this negative was during the early February sell-off when $ETH price dropped to multi-year lows at $1,750.
Historically, extreme negative premiums often coincided with capitulation phases, as seen in April 2025 and during the 2022 bear market.
This implies that as long as US investors sell at a discount compared to the global market, the bears remain in control.
Ethereum Coinbase Premium Index. Source: CryptoQuant
“Coinbase Premium has fallen into a notable discount, signaling potential weakness in spot demand,” crypto investor and trader Thomas The Trader said in an X post on Tuesday.
“$ETH Coinbase Premium just reached its lowest point since February,” analyst Inoms said in a Monday X post, adding:
“The message is clear: US demand is still weak.”
Weak US demand is also evidenced by heavy outflows from US-based spot Ethereum exchange-traded funds (ETFs). These ETFs have posted outflows for sixteen consecutive days, the longest losing streak since March 2025.
Investors have withdrawn nearly $847.2 million from these investment products over this period, according to data from SoSoValue.
Spot Ethereum ETFs flows chart. Source: SoSoValue
Coupled with more than $257.3 million in outflows from global Ethereum investment products last week, this points to institutional selling, which will likely continue to put pressure on the price in the near term.
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