Ethereum drops to 14-week low near $1,800

Ether fell to $1,814 on Wednesday, trading as low as $1,814 on Bitstamp and marking its lowest level in more than 14 weeks. The token’s daily relative strength index dropped to 25, the weakest reading since Feb. 6, reflecting strong downside pressure and oversold conditions.

Ether lost support at $2,000 and $2,200 in recent sessions. Several major moving averages lie within that range on the daily chart, indicating a weakened technical structure on that timeframe.

The Coinbase Premium Index moved to -0.16 on May 28 before recovering to -0.13. A negative reading on the index indicates ETH prices on Coinbase were lower than on other major venues during that period, consistent with selling originating from U.S. entities.

U.S.-listed spot Ethereum exchange-traded funds posted outflows for 16 consecutive trading days, with roughly $847.2 million withdrawn from those funds over the stretch. Global Ethereum investment products recorded about $257.3 million in outflows last week, according to flow data.

On-chain metrics show a relatively thin demand zone between about $1,800 and $1,250 on the Entity-Adjusted UTXO Realized Price Distribution, while accumulation data indicate stronger holdings near $1,200 where roughly 1.4 million ETH were acquired. A separate cost-basis heatmap shows limited accumulation between $1,200 and $1,800.

Traders focused on the $1,800 level. Analyst Ted Pillows posted on X that ETH nearly tapped $1,800 and called it the last support zone before new lows. CrypDoMillions posted that a break below $1,800 would likely push Ether toward $1,600. BitFrog posted that ETH was on life support and described $1,800 as shaky.

Historically, Ether fell to multi-year lows near $1,750 in early February and then recovered about 39% from that low in the following weeks. The Coinbase Premium Index compares ETH prices on Coinbase and other venues, and spot ETF flow data track investor allocations to U.S.-listed Ethereum funds.