Ethereum recently declined to around $2,110, showing significantly weaker performance compared to Bitcoin. Market attention is focused on two key factors: first, approximately $100 million in ETH short positions have appeared on-chain, and second, continuous outflows from U.S. spot Ethereum ETFs are weakening buying support.
Hyperliquid currently has a $100 million ETH short position.
On-chain tracking data shows that a whale established an approximately $100.3 million ETH short position on Hyperliquid, with an average entry price of around $2,094. At the current price, the position is now underwater as ETH has rebounded to around $2,115, with a liquidation price near $2,149.
This means that the area around $2,150 is not only a technical short-term resistance level but also overlaps with the risk zone for highly leveraged positions. If the price continues to rise, short sellers may face increased pressure; if it fails to break through, upward selling pressure may persist.
ETF has had 10 consecutive days of net outflows
Fundamentals remain weak. The report notes that U.S. spot Ethereum ETFs have experienced net outflows for 10 consecutive trading days, totaling approximately $500 million. For ETH, this institutional capital was a key marginal buying force; its sustained withdrawal makes price recovery more challenging.
Meanwhile, CoinGlass data shows that a significant number of leveraged positions are clustered between $2,150 and $2,170, making this range a strong short-term resistance level. If the price fails to break above this zone effectively, selling pressure may increase again.
$2,100 is a short-term turning point.
In addition to derivatives and ETF cash flows, the report noted that the number of large ETH-held whale wallets decreased from approximately 1,100 to about 1,030 during this correction, indicating a slight weakening in holding intent among some large holders.
The market currently views $2,150 as a key short-term level. If ETH reclaimes this level, price may rebound toward $2,300; if it breaks below $2,100, the market will next focus on the key psychological support at $2,000.