Ethereum faces downward pressure near $1,800 amid ETF outflows and rising leverage.

Huo Xing Finance reports that after breaking below the key support at $2,000, Ethereum has continued its weak trend, with market analysts warning that short-term downward pressure remains dominant. Traders are closely monitoring the defense of the $1,800–$1,750 support zone. CryptoQuant analyst PelinayPA noted that ETH’s estimated leverage remains relatively high at approximately 0.74, and funding rates have remained positive since April, indicating crowded long positions, yet prices continue to weaken. The RSI stands at around 31, nearing oversold territory but without forming a clear reversal signal. U.S. spot Ethereum ETFs have recorded net outflows for 13 consecutive trading days, totaling approximately $695 million, with a single-day peak outflow of about $121 million, reflecting sustained cooling in institutional demand. Amid high leverage, crowded longs, and persistent ETF outflows, ETH remains in a weak structural position, with short-term risks tilted to the downside. The $1,800 support level has become a critical point for assessing market sentiment and technical conditions.