Weak crypto market keeps Ethereum under pressure
Ethereum continues to outperform Bitcoin on a relative basis. Despite ongoing selling pressure, ETH has yet to set a new 52-week low, while Bitcoin has already broken below its yearly low multiple times.
One of the key factors remains the performance of spot Ethereum ETFs. According to SoSoValue, net outflows totaled approximately $529 million over the past month, which is significantly smaller than the record $4.5 billion in outflows from spot Bitcoin ETFs during June.
Ethereum has also received some support from corporate buyers. After an eight-month pause, SharpLink Gaming resumed accumulating ETH, purchasing approximately 39,000 ETH (worth around $62 million). However, these purchases are still insufficient to offset continued ETF outflows and shift overall market sentiment.
Ethereum fails to break above $1,650
As expected in our previous analysis, Ethereum tested the $1,600–1,650 resistance zone, but buyers have so far lacked the momentum needed to break above it.
A retest of the psychological $1,500 level remains highly likely in the coming days. If this support is broken, ETH could accelerate toward the $1,400–1,388 support zone.
Every attempt to reclaim the resistance area continues to attract strong selling pressure. The broader trend remains bearish until buying volumes begin to recover.
Capital rotation keeps Ethereum under pressure
Despite its relative resilience compared with Bitcoin, Ethereum remains part of a weak cryptocurrency market. As long as institutional investors continue withdrawing capital from spot ETFs, it is too early to expect the formation of a sustainable uptrend.
Investor interest continues to shift toward higher-return assets, which are attracting the majority of institutional capital at the expense of cryptocurrencies.
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