Ethereum Drops to $2,100 as Binance Sell Pressure Mounts

Ether fell to about $2,100 after a rejection at $2,400 last week, slipping roughly 12% from a local high of $2,420 on May 6. The token touched $2,090 on Bitstamp on Sunday and traded near $2,100 on Monday.

A Binance taker-volume metric rose above $1.1 billion within an hour as Ether moved below $2,150. The metric measures aggressive taker orders on Binance futures and the spike coincided with the price decline.

US-based spot Ethereum ETFs recorded $255 million in net outflows over five consecutive days. Global Ethereum investment products showed $249 million in outflows in the week ending May 15, the largest weekly withdrawal since Jan. 30, according to asset flow data.

On-chain cost-basis distribution shows about 3.85 million ETH held at an average cost between $2,000 and $2,100.

CryptoQuant analyst Amr Taha noted “large aggressive sell-volume spikes on Binance while testing important downside levels,” adding the activity showed sellers “were clearly in control during the move.” Analyst Whale Factor described the ETF outflows as a localized loss of institutional momentum that has kept prices capped.

Technical commentators highlighted support levels to watch. Ted Pillows wrote that “$ETH dropped below $2,100 as it failed to hold the $2,150 support zone” and pointed to $2,050–$2,070 as the next key support. Donald Dean urged defending the “lower volume shelf support near $2,100” to avoid a drop below a rising channel on daily charts. Cryptomorphic warned that failure to hold current levels could lead to further downside toward lower support areas.

Some traders said a break under $2,000 could open a path toward $1,700. The Sharplink chief executive identified three potential catalysts for renewed buying interest: passage of the CLARITY Act, a return of market risk appetite, and growth in tokenization of real-world assets on Ethereum.

Flows and futures metrics remained elevated during the decline, with high taker-volume readings on Binance and consecutive ETF outflows recorded over the same period.