Ethereum remains under pressure as ETF outflows accelerate
Accelerating outflows from spot Ethereum ETFs and continued technical weakness are limiting buyer interest across the broader cryptocurrency market.
The primary negative factor for Ethereum remains spot ETFs. According to the latest SoSoValue data, net outflows reached $82.35 million on June 23, marking the largest single-day outflow of the month.
The broader cryptocurrency market continues to serve as a source of liquidity for investors. Many market participants are reducing crypto exposure to free up capital for additional purchases of AI-related stocks.
AI companies have increasingly attracted investors away from cryptocurrencies by offering stronger short-term return potential. As a result, fresh demand for Ethereum remains limited.
$1,650 support remains critical for Ethereum
As mentioned in our previous analysis, ETH continues to trade below its local descending trendline. On June 23, the price tested the key $1,650 support level and managed to hold above it.
If sellers succeed in pushing ETH below the $1,600–$1,650 support zone, the probability of a retest of the recent low at $1,505 would increase significantly.
Trading volumes remain subdued. Declining activity during the consolidation phase suggests a lack of aggressive buyers and supports the view that the medium-term downtrend remains intact.
The primary resistance zone remains between $1,700 and $1,750. This area contains the descending trendline, which continues to be the main technical obstacle for the price.
Ethereum's 30-day volatility currently stands at 3.14%. Similar volatility levels were observed before the more than 48% decline that occurred between late January and early February 2026. The "coiled spring" effect continues to build.
Ethereum struggles to attract fresh capital
The acceleration of ETF outflows suggests that institutional investors currently prefer sectors offering stronger return potential, particularly companies tied to artificial intelligence.
As long as this trend persists, Ethereum is likely to face a shortage of buyers, even near key support levels.
Another concern is the exceptionally low level of volatility. Historically, such periods of calm rarely last long and are often followed by powerful directional moves. At the moment, however, the technical picture provides little evidence that a sustainable bullish reversal is forming.
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