Ethereum price slips below $2,300 as ETF outflows and weak on‑chain

Ethereum fell more than 2% to about $2,284, snapping a brief rally and pushing the ETH/BTC ratio to a 10‑month trough of 0.02835 as ETF outflows and declining network activity weigh on sentiment【1】.

Price pressure and the ETF signal

The pullback follows a $103 million net outflow from US‑based spot Ethereum ETFs, the largest weekly withdrawal since mid‑March, indicating renewed selling from institutional investors【2】. At the same time, the Coinbase Premium Index has stayed negative since late April, showing US traders are pricing ETH below global markets【2】. These flows contrast with Bitcoin, which held above $80,000 with only a ~1% dip, highlighting a shift of capital toward the leading crypto asset【1】.

Weakening on‑chain fundamentals

On‑chain data reinforce the bearish tilt: weekly average transactions dropped 10% to 4.79 million and active addresses fell 8% to 2.5 million, while network fees slumped 27%, cutting on‑chain revenue by 47% over the past week【2】. DEX volume also slid 46% to $1.64 billion, and total value locked in Ethereum DeFi fell to $124.7 billion, a level last seen in May 2025【2】. The combined effect reduces user conviction and limits price‑supporting demand.

Technical outlook

The daily chart now validates a rising‑wedge pattern after losing support at the lower trend line near $2,300. The 100‑day and 50‑week simple moving averages sit at $2,150‑$2,200, and a break below the $2,000 psychological floor would open a path toward the wedge’s measured target of $1,830, roughly 20% beneath the current price【2】. TradingView data shows ETH trading near $1,913 on the 1‑hour chart, suggesting the price may already be testing the lower end of the pattern【3】.

What to watch

• $2,300 resistance and $2,000 support levels for a decisive break direction.
• Any reversal in spot Ethereum ETF flows, especially a return to net inflows.
• On‑chain activity metrics (transactions, active addresses, DEX volume) crossing back above recent lows.

Ethereum’s underperformance this week appears tied to capital rotation and deteriorating on‑chain usage rather than a fundamental flaw in its ecosystem. Whether the price can rebound will hinge on the next wave of institutional flows and whether network activity can regain momentum.