Ethereum

Thomas

Spot

Tom Lee

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.&nbsp;
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1158" src="https://s3-images.ctmedia.io/media/content/pasted-image-1282.png" width="2048">
ETH/USD 1-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">TradingView</a>
Key takeaways:
<ul>
 <li>Ether fell to a 14-week low near $1,800, with traders warning a breakdown could trigger deeper losses toward $1,200-$1,600.</li>
 <li>The Coinbase Premium Index hit its lowest level since February, signaling persistent weakness in US spot demand.</li>
 <li>Spot Ethereum ETFs logged sixteen straight days of outflows.</li>
</ul>
<h2 id="ether-sits-on-weak-support-at-1-800">Ether sits on weak support at $1,800</h2>
Ether’s technical structure has weakened after <a href="https://cointelegraph.com/markets/ethereum-under-2k-eth-whales-sell-as-retail-remains-bullish" rel="noopener noreferrer nofollow">losing support at $2,000</a> 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.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitmine-buys-more-eth-as-tom-lee-says-price-not-yet-showing-ethereums-strength" rel="noopener noreferrer nofollow">Bitmine buys $52M ETH as Tom Lee says price not yet showing Ethereum’s strength</a>
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.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1156" src="https://s3-images.ctmedia.io/media/content/pasted-image-1283.png" width="2048">
ETH/USD daily chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/ETHUSD/" rel="noopener noreferrer nofollow">TradingView</a>
Traders say Ether’s bullishness hinges on the ETH/USD pair <a href="https://cointelegraph.com/markets/analysts-say-ethereums-downside-pressure-remains-as-18k-becomes-key" rel="noopener noreferrer nofollow">holding above the crucial $1,800 support</a>.
“$ETH almost tapped the $1,800 level today,” analyst Ted Pillows <a href="https://x.com/TedPillows/status/2062101823167889656" rel="noopener noreferrer nofollow">said</a> in a Wednesday post on X, adding:
<blockquote>
 “This is the last support zone for Ethereum before new lows.”
</blockquote>
An accompanying chart revealed that a break below $1,800 would bring areas below $1,700 into the picture.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1200" src="https://s3-images.ctmedia.io/media/content/pasted-image-200.jpeg" width="1193">
ETH/USD daily chart. Source: X/Ted Pillows
Additionally, fellow analyst CrypDoMillions <a href="https://x.com/CrypDoMillions/status/2061958366482821182" rel="noopener noreferrer nofollow">said</a> losing $1,800 would send ETH price lower toward $1,600.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1072" src="https://s3-images.ctmedia.io/media/content/pasted-image-1284.png" width="1168">
ETH/USD daily chart. Source: X/CrypDoMillions
Not all traders had confidence in Ether’s ability to remain above $1,800, with analyst BitFrog <a href="https://x.com/BitFrogOfficial/status/2062107523319250975" rel="noopener noreferrer nofollow">saying</a> that “$ETH is on life support” at current levels, adding:
<blockquote>
 “Bulls better wake up fast. $1,800 looks shaky, honestly.”
</blockquote>
The Entity-Adjusted UTXO Realized Price Distribution (URPD) metric, showing at which prices the current set of ETH UTXOs were created, <a href="https://studio.glassnode.com/charts/indicators.UtxoRealizedPriceDistributionAth?a=ETH" rel="noopener noreferrer nofollow">shows</a> 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.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1152" src="https://s3-images.ctmedia.io/media/content/pasted-image-1285.png" width="2048">
ETH: Entity-Adjusted URPD. Source: Glassnode
Meanwhile, Ether’s cost-basis distribution heatmap <a href="https://studio.glassnode.com/charts/indicators.CostBasisDistributionHeatmap?a=ETH&amp;period=5y" rel="noopener noreferrer nofollow">shows</a> weak accumulation between $1,200 and $1,800, suggesting a potential pathway toward the lower zone in the short term.
<h2 id="ether-s-coinbase-premium-falls-to-february-levels">Ether’s Coinbase Premium falls to February levels&nbsp;</h2>
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.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="1152" src="https://s3-images.ctmedia.io/media/content/pasted-image-1286.png" width="2048">
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 <a href="https://x.com/Th0mas_cryp/status/2061837233150386307" rel="noopener noreferrer nofollow">said</a> in an X post on Tuesday.
“ETH Coinbase Premium just reached its lowest point since February,” analyst Inoms <a href="https://x.com/Inomsxbt/status/2061433936157532416" rel="noopener noreferrer nofollow">said</a> in a Monday X post, adding:
<blockquote>
 “The message is clear: US demand is still weak.”
</blockquote>
Weak US demand is also evidenced by <a href="https://cointelegraph.com/news/eth-treasury-firms-staking-revenue-etfs-dat-report" rel="noopener noreferrer nofollow">heavy outflows</a> 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.&nbsp;
Investors have withdrawn nearly $847.2 million from these investment products over this period, according to data from SoSoValue.
<img alt="Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?" height="672" src="https://s3-images.ctmedia.io/media/content/pasted-image-1287.png" width="2048">
Spot Ethereum ETFs flows chart. Source: SoSoValue
Coupled with more than <a href="https://cointelegraph.com/news/crypto-etps-bleed-1-67-billion-altcoin-participation-collapse" rel="noopener noreferrer nofollow">$257.3 million in outflows</a> 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.

Ethereum drops to 14-week lows: Can ETH price hold $1.8K support?

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