Ethereum Falls Below $2,000 as US Spot ETFs See $695M Outflows

- Ethereum dips under $2,000 amid $695 million in spot ETF outflows - High leverage and derivatives positioning fuel broader downside risk On May 29, 2026, Ethereum (ETH) faced mounting downside pressure after dropping beneath the pivotal $2,000 support. On May 29, 2026, Cointelegraph reported that US spot Ethereum exchange-traded funds (ETFs) recorded $695 million in outflows, extending a sell-off that has lasted for thirteen consecutive days. As a result, elevated leveraged trading and persistent negative momentum in derivatives are amplifying sell-off risks, and analysts now spotlight $1,800 as the next critical support. They note that a confirmed close below this level could accelerate losses toward $1,750 or potentially revisit the 2022 macro low of $1,000. According to Cointelegraph on May 29, 2026, the current market structure appears fragile as it is driven by dominant sellers and high leverage. The leverage ratio reportedly stands at 0.74, while funding rates remain positive, and the Relative Strength Index (RSI) sits deep in oversold territory near 31, underscoring persistent selling activity. In addition, Binance’s cumulative net taker volume is sharply negative at -$744 million, signaling continued control by sellers as leveraged bets accumulate. With thirteen straight days of US spot Ethereum ETF outflows now totaling $695 million, institutional appetite appears to be waning, and this trend compounds near-term downside risk. Consequently, analysts warn that a close below $1,800 could drive ETH rapidly to $1,750 and possibly $1,000. However, they also note that historical accumulation between $1,500 and $1,400 may attract long-term buyers if steeper declines unfold. As of 18:08 UTC on May 29, 2026, Ethereum (ETH) trades at $2,027.49, reflecting a 0.326% move in 24-hour trading volume, according to CoinMarketCap.