Foreign media reports suggest that ETH's current weekly closing price could determine whether this pullback is a temporary consolidation or a further expansion. The report cites analyst Ali Martinez's assessment that $1850 is the most closely watched support level; if the weekly chart breaks below this level, selling pressure could continue to accumulate.
$1850 becomes a short-term watershed.
According to the analysis cited in the article, if ETH closes below $1850 on the weekly chart, the price may first test support around $1560 before moving towards the lower edge of the multi-year range at around $1070. This level is considered a key point to watch in the current downtrend.
The article's core argument is that whether ETH can hold above $1850 in the coming days will influence market pricing in its short-term direction. If this level continues to fall, bearish sentiment may spread further.
ETFs have seen net outflows for 13 consecutive days.
As prices fell, institutional funds continued to withdraw. The report noted that the US spot Ethereum ETF saw a net outflow of $121 million in a single day, marking the 13th consecutive trading day of net outflows, indicating that institutional risk appetite remains weak.
With liquidity under pressure, key support levels are more likely to become the focus of the market. If ETF outflows continue, short-term volatility in ETH may continue to amplify.
Divergence between long-term expectations and short-term trends
The report also mentioned that David Hoffman, co-founder of Bankless, liquidated his ETH position, which he had held for nine years, on May 26. He believes that the economic benefits generated by the Ethereum network have flowed more to Layer 2 and have not fully returned to Layer 1 holders.
However, the long-term bullish view has not disappeared. Standard Chartered Bank maintains its long-term forecast for ETH, predicting it will reach $4,000 by the end of 2026 and rise to $40,000 by 2030. The coexistence of short-term pressure and long-term optimism reflects a significant divergence in market opinions regarding Ethereum's valuation.
